BlackRock Emerging Markets has a relatively new lead manager and a downsized investment team with continued turnover. While the investment approach is sensible, its recent pivot to rely on bottom-up stock selection raises the bar for research depth and quality, in which current team dynamics give us pause. We reiterate the strategy’s People and Process pillars at Average.
Process Pillar
The Process Pillar is our assessment of how sensible, clearly defined, and repeatable MKDCX’s performance objective and investment process is for both security selection and portfolio construction.
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