bhaalmhar,
aamayrikaan k u saungpyee aadhik shalyar nwarr ko hcyaayykwat noutkwalmha naysell hpyitkyaungg daysamyarrtwin a hkwin a lammyarr sharhpwaynay nhaint urawp nhar hpyitpartaal . suuhar days taanhpoe-oriented Invest htarwarurawp Equity wainngwayhkwan raanponengway htwat koutnay, ' lhuutsharrmhu aatwin hpyitpwarrnaysaw kambharlonesinerar rway-up, k nay aakyoeshi mai aalwan aahcwmhtaattae kumpanemyarr sai tait u ratanar so' ' hpyitpartaal yonekyisai . ''
hpyitkyaunggko ngyinn hkone, sabhawtuu . '' patipakhk hpyitnaysaw aamyinmyarr saintaann eat, hcyaayykwat function ko a bh yya shoet lote naykyataal, dar kyountkyanawthoet 2018 saung taat eata bhaalaarar ko myin par lain maal, 'McHattie k htaut pyawwsai . aahtuu s hpyint hcyaayykwat aatwat aaungmyinsaw hkyain kaut eat aarrsarhkyet yuu shoetmahote hto htaat po karkwal suuthoetrae aahcuhcu ko nayrar hkya hkyinn, swaymyoe taanhpoedaysamyarr exploit hphoetshimashi - - lhuansawmhu sharhpwaynay suutwayaatwat kyawantaw u saung pwalhcarrmyarr nhaint raanponengway maannaygyaar myarr a nay hpyint aahkyahoet
36
rainnnhaeemyahuutnhaanmhu yonekyimhu kambharkyee a kyarr pone namuunark Neil Woodford, ' ngar raytwat soneshone suu hpyitkyaunggko aaneraung mhaatetote mhaatetote imyaha lout myarrhcwarsaw aalainnaain shipartaal' ' lhoet satipayyhtarrpartaalsuu Woodford luunar Capital kokoe hcarr eat maannaygyaar myarr parwainsai . bhurarrkyaungg bharrrainnnhaeemyahuutnhaanmhu Trust eat Alastair Mundy r shinine aaloneaalout hcyaayypaw htate t pain myaha m
35
toemyahaint hcoerain puupaan mhumyarr laee mashi . rainnnhaeemyahuutnhaanmhu Trust mha satainnlwhar pyaysuu Andrew McHattie, k hpawpya litehkyinn painhpyitsai: ' kyanawthoet naysell nyhainhaine kambharlonesinerar hceepwarrrayy toetaatmhu k nay popyee taanhpoeko htoteyuu eat aalarraalar aapaw aapyusabhaw sawlaee, ngarthoetsai laee satipayy aasan taithkukyeehtwarrlar hubbub satihtarr naysaw maannaygyaar eat padaysar mha hawpyaww lot . ''
2017 aaneekaut mha swalyuu aahpyit, rainnnhaeemyahuutnhaanmhu kyawmkyinsuumyarrk lar m ae nhaitaatwat hceepwarrrayy aalarraalar aakellhpyatraan suuthoetrae kyilain bhawlone shoet kyany myahaaw nhaint a kyaoe shi nongya saw
34
raanponengwaymyarr nhaint rainnnhaeemyahuutnhaanmhu koe hcarr hkaekyasai . aasopar shalyar myarr nhaint nhaawinkyaoehcyaayykwat '' taimyaell saw nwarr htee takaung pyay myarr nhaint aamyarraapyarr maannaygyaar mashi a sone shi pone rasainayhcain 2018 bhhoet aalarraalar aapaw aapyusabhaw shinaysell, hcyaayykwat puuhpaungg pinenaat shi kyaeat aahpyit rainnnhaeemyahuutnhaansuumyarr tait aahkyanemhar aakonelone htate l ant bhhoet aatwat hpyitninesai aahkyarr wayhpaansonesaut suu thoettwin
38
aatwayaahkawmyarr ko taat wine partaal . sahc hc hcawnghkyinn Fidelity eat twm Stevenson mhasuu 2017 hkunhaittwin hpyithkaesai htaat shae kosharhpwaynay '' ko pomosatihtarr '' hpyitpyee, '' 2018 hkunhaittwin hcyaayykwat myarrtwin aahkyahoetsaw popyeetaingyaainmhu '' hkaant mhaann htarrsai . '' kyanawthoet k lar maae 12 laaatwin t u taee ko m mw ngya hkaepar shinpain 5% swal- kyaww hkyinn mashibhell taitnhait pyeenout kyawanm aan sya swarr lain maal, '' hu suu k pyawwpartaal . suuk '' hcatedharatmyarr aatawlayy hcakarrpyaww tait soteyote nain mharhpyitnaysell ''
40
hceepwarrrayy pyanlai narlaan htuu htayuulitetaal aakaal. hpyitshin i raanponengway k ၎inneat yahkuaahkyanetwin shi nongya s nyya, '' hu suu k shinnpyasai . '' lite nine sany tait u unconstrained kambharlonesinerarraanponengway - suu laeekaungg hcwar m ae aain k- hcitepyoe raanponengway eat ponesandaran tait u bhayytite- rwaelyarr hcyaayykwat, Fidelity ko Global aahtuu aahkyayaanaymyarr
41
hpyitninepartaal aararko aarrsarhkyetyuu '' aahkyarr htwat-and htwat hc tot shalyar rwaysuu '' aakyaanpyu a hkwin a lam kambhar maannaygyaar suuthoetko twae layrarrar '' . high- pyaanko Tencent nhaint aalebharbhar naeepanyar hc tot shalyar myarreat aakyaite hphoet aaparaawain aarsh htitwaehkyinnsai Stevenson hawngya aapyanaalhaan aarshpahcihpate
42
rwayhkyaal sai . '' lar m ae nhait k htaat po m taingyaainsaw hpyithpwalshi hcatedharatmyarr nhaint aatuu, ngarsai i sothkyet yarin maungg myarr nhaint hcyaayykwat hcatedharatmyarr sine aahpyit hc tot shalyar nhaint a kandamyarr a kyarr tait u hkayatrae swat laat lam aatwat shwae hphoet maannaygyaar rae hcwmrai aapaw hawngya aapyanaalhaan rae aarronehcite kyaitetaal . '' FundCalibre FundCalibre eat dar rimainnkyee McDermott suu htwann sait hc hcyaayykwat nhaint aatuuhcatain 2018 hkunhait shinsaan nine yonekyi naykyaungg aamyarraapyarr daysamyarr saatmhaat . '' denhait kaunggmwanhcwar pyukya pyeeshin naysawlaee, ngarthoet htwann sait hc hcyaayykwataatwin nayrar aamyarraapyarr swalsaungmhu har suuthoetrae hpwanhpyaoe pyeehcyaayykwat counterparts twayko aamyarraapyarr mha swaymyoe taanhpoehtarr kyasaiyonekyipartaal '' hu suu k shinnpyasai . mimi a rway a bhaal suueat maannaygyaar suu tait u '' aahtuu s hpyintaahcwm '' hc tot shalyar rway suu hcainhcarr Lazard & Emerging Markets hpyitparsai . Stevenson mha lopell, McDermott urawp aapaw aapyusabhaw hpyitparsai: '' hceepwarrrayy toetaatmhu toetaathcayuuhkainn, ninenganrayy taingyaainmhu toepwarrlar hkyinn nhainthti mi. lell aalotelaatmae aasaint saintk M & daysatwin tait u k lhuutsharrmhu hpw int koutnaynhaint IPOs hcyaayykwat lar raan saatlaat aatuu urawp hcatedharatmyarr kyarrkaan parpye . suu k pyawwpartaal, laat yaar maannaygyaar ko rwayhkyaalhkyinn hpyint hpammi nine sany taanhpoe aate kaut naytone pellshipartaal . '' Marlborough urawp Multi-Cap yainneat matuu kwalpyarrmhutway nae pomo sayy ngaal tae kumpane aawalwan htitwae mhu eat myay pyin pawtwin mimi a rotesoe rwayhkyaalmhu hpyitparsai . suu laee byai tein rainnnhaeemyahuutnhaansuumyarr nhaint aatuu aatawlayy myetnharsar htellk kyaanshinay sell hpyitsaw paymaae waankyeehkyaote shin jo aar bhayy saisuueat hceepwarrrayylotengaann- hpaw rway pyupyinpyaungglellmhutway myarraatwat aahcwmhtaat lote pine hkwin shipartaal shirar gyapaan, likes . Baillie Gifford gyapaan sai mimi rway hpyitpartaal . AJ bhelll pwalhcarr AJ bhelll mhar rine yaan Hughes kyawantaw puuhpaungg pinenaat shoet rwaelyarr hcay hkyinn nghaar hcoerain puupaan eat myetnhar kwalpyarr hkyarrnarr saw hcw ant hcarrmhu hcarrhkyin kitenye hphoet raanponengway tait rwayhkyaalrayy rar puujaw sakkar ko tait u aanaeengaal kwalpyarr hkyarrnarr saw hkyain kaut naee kyaar partaal . '' hcyaayykwat eathtiuttaann Calling roe shinn hcwar tait u noutsonetwin hkaant mhaann gaim taithkuhpyitpyee kyawantawlaatshi equity myarraatwat aalarraalar kyaw layy sar mhumhar jhayykwat htellmhar aamyarrsone aatwaeaakyuan shi rainnnhaeemyahuutnhaansuumyarr aahkyahoet shisai, '' hu suu k pyawwpartaal . satihtarr: shalyar hcyaayykwat annkyin All- aahkyane lhuutsharr hpyitkyaungg hcanhkyanetain myinttaat hkyinn nhaint pone say aakyoehceepwarrhcyaayykwat '' hceinhkaw '' pawlaraarr Hughes satihtarrrainnnhaeemyahuutnhaansuumyarraatwat '' myahoettaw karkwal aapaw aalwan shinnlainnsawmyethci '' nhaintaatuu multi- pinesinemhu hpyayshinnhkyetaahpyit Troy Trojan aakyaanpyu htarrsai . haanhkyetnye: days eat hceepwarrrayy pyanlai narlaan htuu saatlaataahpyit Hughes laee lolarrsuu urawp taut rauttai; suu Crux urawp aahtuu aahkyayaanaymyarr raanponengway kaungghcwar aakyoe hkanhcarrr hphoet nayrar hkya nine yonekyisai . de a myint marr saw hkanyuuhkyet raanponengway ponemhaan aarr aadhikaaarr hpyint aalaalaalaat nhaint a sayy ngaal hceepwarrrayylotengaannmyarr aakyarrtwin, ' hkyawinhkyet hceman hkaant hkwal mhu nhaint hcyaayykwat u saung aanayaahtarr shisai saw kumpanemyarr aapaw aarrone hcuu hcite' ' . hcw ant hcarr: gyapaan hcw ant hcarr rainnnhaeemyahuutnhaansuumyarr a bhhoet mimi a shayy hk yyaya mhu hpyitpyee, suulaee selec
