Emerging Markets Growth (EMG)

"Our Emerging Markets Growth strategy is supported by our globally-oriented research platform. Our investment team has many years of experience applying the same philosophy and process across industries and geographies over multiple market cycles. We think clients will benefit from this collective strength."

Ashraf A. Haque

Co-Portfolio Manager, Emerging Markets Growth Strategy
Emerging Markets Growth
EMG Gross (%) EMG Net (%) MSCI EM (%)

Inception date is December 31, 2012 and periods over one year reflect annualized results. Sands Capital claims compliance with the Global Investment Performance Standards (GIPS®). The performance shown is that of the Sands Capital Emerging Markets Growth Composite (EMGC). Additional disclosures regarding the composite and a complete list and description of the firm’s composites and/or a presentation that adheres to the GIPS® standards are available by clicking “EMGC Performance Disclosure and Composite Description.” The performance shown is compared to the MSCI Emerging Markets Index (MSCI EM) – a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets. Broad-based securities indexes are unmanaged and are not subject to fees and expenses typically associated with managed accounts or investment funds. Investments cannot be made directly in a broad-based securities index. Differences in account size, timing of transactions and market conditions prevailing at the time of investment may lead to different results, and clients may lose money. Differences in the methodology used to calculate performance may also lead to different performance results than those shown. Past performance is not indicative of future results.

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As of 12/31/16
EMG Gross (%) EMG Net (%) MSCI EM (%)

Inception date is December 31, 2012. Sands Capital claims compliance with the Global Investment Performance Standards (GIPS®). The performance shown is that of the Sands Capital Emerging Markets Growth Composite (EMGC). Additional disclosures regarding the composite and a complete list and description of the firm’s composites and/or a presentation that adheres to the GIPS® standards are available by clicking “EMGC Performance Disclosure and Composite Description.” The performance shown is compared to the MSCI Emerging Markets Index (MSCI EM) – a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets. Broad-based securities indexes are unmanaged and are not subject to fees and expenses typically associated with managed accounts or investment funds. Investments cannot be made directly in a broad-based securities index. Differences in account size, timing of transactions and market conditions prevailing at the time of investment may lead to different results, and clients may lose money. Differences in the methodology used to calculate performance may also lead to different performance results than those shown. Past performance is not indicative of future results.

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As of 12/31/16
Business SpaceHeld Since
Adani PortsPort Operations and Services2014
AlibabaInternet Retail2014
BaiduInternet Search and Media2012
Hikma PharmaceuticalsBranded Generics, Generic Injectables, and Pure Generics2012
Housing Development FinanceMortgage Financing and Financial Services2014
MercadoLibreOnline Marketplace and Payment Service2012
NaspersSatellite TV, Online Communications, and Ecommerce2012
Raia DrogasilPharmacy Retail2012
Sands ChinaIntegrated Casino Resort Development2012
TencentInternet Communications and Entertainment2012

These holdings are based on the Emerging Markets Growth Composite (EMGC). They are the ten largest holdings by portfolio weight, listed in alphabetical order. Holdings may change at any time and should not be considered a recommendation to purchase or sell any particular security. You should not assume that any of the holdings were or will be profitable. This is supplemental information; please refer to EMGC performance disclosure for additional information. The representative holdings, dated December 31, 2016, account for 40.2% of the representative portfolio's investments.

As of 12/31/16
EMG (%)MSCI EM (%)
Emerging Asia64.043.5
Latin America10.713.3
Europe8.57.6
Middle East & Africa7.29.0
Developed Asia ex Japan5.726.6
[Cash]3.9-

The information shown is that of the Sands Capital Emerging Markets Growth Composite (EMGC) and the MSCI Emerging Markets Index (MSCI EM). Additional disclosures regarding the composite and a complete list and description of the firm’s composites and/or a presentation that adheres to the GIPS® standards are available by clicking “EMGC Performance Disclosure and Composite Description.”

As of 12/31/16 (%)

Emerging Markets Growth Portfolio Management Team

The Emerging Markets Growth Portfolio Management (PM) Team works diligently to implement our investment philosophy, constructing a portfolio of what we believe are 30 to 50 leading growth businesses. The PM team sources ideas from and is supported by our globally integrated research team.

Brian A. Christiansen, CFA

Portfolio Manager
Research Analyst
Joined Sands Capital in 2006

Sands Capital (2008-2013)
Arlington, VA • Research Analyst

Sands Capital (2006-2008)
Arlington, VA • Research Associate

Yale University

MBA, School of Management (2009); BA, Economics (2005)

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Ashraf A. Haque

Portfolio Manager
Research Analyst
Joined Sands Capital in 2008

Sands Capital (2008-2013)
Arlington, VA • Research Analyst

Chesapeake Partners (2007-2008)
Baltimore, MD • Investment Analyst

McKinsey & Company (2003-2005)
Chicago, IL • Business Analyst

GH Smart & Company (2001-2003)
Chicago, IL • Director, Business Development

Harvard University

MBA, Harvard Business School (2007)

Northwestern University

BA, Mathematical Methods in the Social Sciences and Economics (2001)

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Neil Kansari

Portfolio Manager
Research Analyst
Joined Sands Capital in 2008

Sands Capital (2008-2013)
Arlington, VA • Research Analyst

PRTM, part of PricewaterhouseCoopers LLP (2002-2006)
Waltham, MA • Associate, Sr. Business Analyst

University of Virginia (1999-2002)
Charlottesville, VA • Graduate Research Assistant, Department of Electrical Engineering

Millennium Solutions; Universal Impex (1997-1999)
Mumbai, India • Application Analyst

Mahajan & Aibara: Shah Gupta & Co. (1996-1997)
Mumbai, India • Accounting Trainee

University of Virginia

MBA, Darden School (2008); MS, Electrical Engineering (2002)

University of Mumbai (Bombay)

BE, Electronics Engineering (1996)

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