"Where can you find a car market which will double in size in the next five years? Brazil and Russia might be obvious places to look, but would you have expected Chile, Colombia, the Ukraine and Vietnam? Picking the next big themes in emerging consumer markets is even harder than in the well-researched developed world. To get a better handle, we think, requires a triangular approach.
Traditional methods of filtering out consumer plays from emerging market indices will concentrate undue attention on companies with entrenched market positions, often merely throwing up yesterday’s winners. We believe a better way is to approach the process from several angles. The best outcomes will then be where they all converge, rather like a navigator taking several bearings from a ship to find its position in order to navigate unknown waters."
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