Single philosophy · Single focus · Single fund

Emerging markets.
Catalytic engagement.
Enduring returns.

Emerging market specialists for our entire investment careers. We invest in the companies we believe are most underappreciated and underestimated, using active ownership and targeted engagement to unlock inefficiencies that are solvable. Our opportunity is a revision in implied expectations, and our edge is in identifying it and in how we achieve it.

Our Approach Meet the Team

The case for emerging markets

Look past last year's rally.

What's unfolding in emerging markets is not a tactical bounce. It's a structural recovery, underwritten by a violent inflection in corporate earnings and amplified by valuations still discounted against developed peers and investor positioning that remains unusually light.

~20%

2026E earnings growth, the highest of any major region

Low 20s%

2027E earnings growth, sustaining the inflection

Discounted

EM valuations relative to developed markets, despite the acceleration

What's underwriting the cycle

Five forces, one direction.

As the cycle matures, we see five structural forces doing the work, each with different beneficiaries and different degrees of market recognition today.

i. Dollar & rates A friendlier funding backdrop easing pressure on EM balance sheets and currencies.

ii. AI infrastructure bottlenecks Capacity constraints in the build-out are rerouting capital toward EM suppliers and enablers.

iii. Domestic self-sufficiency Economic security is funding new, multi-year domestic capex cycles across the region.

iv. Mass consumption Per-capita income catch-up and widening wealth effects are still early in their run.

v. Policy puts Governments increasingly underwriting a floor beneath both markets and valuations.

Where the alpha is

Not last year's winners.

Broadening cycles create dispersion, and dispersion favours those willing to look past the index bellwethers. Our conviction sits in emerging market mid-caps, where earnings-revision risk is highest, coverage is thinnest, and governance discounts are still there to be closed.

average sell-side analysts covering our mid-cap universe

15+

average sell-side analysts covering large-cap peers

That gap is a structural pricing inefficiency. It doesn't compress on its own. It needs an owner willing to close it.

What we mean by active

Deviation is not a philosophy.

Active management, to us, has to be more than benchmark deviation or a particular style tilt. It means bespoke, material, proactive engagement across the whole portfolio, built to change a company's forward characteristics and the expectations the market has already priced in. That kind of change is nearly impossible for passive strategies to replicate, because passive is, by nature, backward-looking.

Fundamental, bottom-up

Characteristic-led stock picking: franchises with deep, durable competitive advantages, and the reinvestment runway to compound them.

II.

Value Unlock

An integrated engagement programme that identifies hidden value, then partners with companies to re-rate their compounding power and their cost of capital.

Our edge

Distinctive. Influential. Uncrowded.

Five things compound together to form the edge, and none of them work as well in isolation.

Smarter A two-pillar process most managers apply only half of, disciplined by a conviction scorecard built to curb our own biases.

Faster Clear filters and a flat, analyst-led team compress the distance between an idea and a decision.

Better information Relationships built over years of engagement surface what filings don't: intent, receptiveness, board dynamics.

Better opportunity set Emerging market mid-caps sit in structural white space: too large for boutique funds, too complex for passive, and too small for mega-cap mandates.

Influence outcomes Engagement begins before we invest and compounds with early wins, building a moat that's hard to replicate: a 36-month cycle and patient capital.

Pedigree

Two decades, one throughline.

Our philosophy started in private equity, long before it shaped how we invest in public markets. It's the throughline behind every position we hold: quality companies, undervalued not because their fundamentals are broken, but because their capital allocation, governance, investor relations or sustainability practices are, and those problems are fixable.

Franklin Templeton

Early career in EM & FM investing

Neptune

Built PE & active ownership practice across EM

Mobius Capital Partners

Founded 2018, the approach undiluted

GIB

2021, continuing and enhancing the practice

Team

Two co-founders, one throughline.

Built and run by the two people who founded it.

Kunal Desai, CFA

Co-Founder & Portfolio Manager

16+ years investing across emerging and frontier markets, focused on India, North Asia and South-East Asia. Formerly a partner at Mobius Capital Partners and Head of Indian Equities at Neptune. First Class, Oxford University.

Marcin Lewczuk, CFA

Co-Founder & Portfolio Manager

15+ years investing across emerging and frontier markets, focused on North Asia, CEEMEA and Latin America. Formerly a partner at Mobius Capital Partners and lead PM of Templeton's Eastern EU Fund.

Insights

Perspectives, shortly.

We'll publish our thinking on emerging markets, engagement, and the companies we're watching soon after launch.

Get notified first

Get in touch

Let's talk.

For institutional enquiries, due diligence requests, or to speak with the team, reach us directly.

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Marketing communications | Zorza Capital | For professional clients only

Emerging markets.Catalytic engagement.Enduring returns.