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ESG uncovered

Genesis Emerging Markets Fund 7 June 2021 Update
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Genesis Emerging Markets Fund

ESG uncovered

Investment trusts
Emerging markets equity

7 June 2021

Price Ord.

944.0p

Market cap

£1,146.7m

AUM

£1,197.4m

NAV*

1000.3p

Discount to NAV

5.6%

*Including income. At 3 June 2021.

Yield

1.4%

Ordinary shares in issue

121.5m

Code

GSS

Primary exchange

LSE

AIC sector

Global Emerging Markets

Benchmark

MSCI Emerging Markets Index

52-week high/low*

948.0

686.0p

1,035.6p

785.8p

*Including income.

Gearing/cash

Cash at 30 April 2021

1.5%

Fund objective

Launched in July 1989, Genesis Emerging Markets Fund (GSS) was one of the first emerging markets funds in the UK. It seeks long-term capital appreciation through investing in companies operating in emerging and frontier markets or listed on the stock markets of such countries. Performance is benchmarked against the MSCI Emerging Markets Index.

Bull points

The manager, Genesis, is an owner-managed dedicated emerging markets firm and GSS is its only product available to retail investors.

The diverse team of portfolio managers employs a bottom-up investment process.

The proactive board is committed to promoting the interests of the fund’s shareholders and to narrowing the discount.

Bear points

The underweight stance in growth names, particularly in China and Taiwan, has resulted in performance lag versus peers that are more exposed to such stocks.

Due to the quality growth bias, the trust better suits more conservative rather than high-growth emerging markets investors.

Fund NAV has lagged global emerging markets over five years.

Analysts

Victoria Chernykh

+44 (0)20 3077 5700

Sarah Godfrey

+44 (0)20 3681 2519

Genesis Emerging Markets Fund is a research client of Edison Investment Research Limited

Genesis Emerging Markets Fund (GSS) continues to benefit from diversification across a range of sectors and countries. It has performed competitively in the ongoing recovery and is well positioned to take advantage of a further broad-based recovery in emerging markets (EMs). Genesis has a real impact on investee companies, by actively engaging with them. At Genesis, the asset management group, portfolio managers (PMs) engage with companies directly, thus allowing constructive dialogue with them. The company considers this to be one of the key differentiators for the fund. As an active investor, Genesis regards proxy voting as one of the key stewardship tools to support, influence and challenge portfolio companies’ decisions. ESG considerations directly affect portfolio outcomes as they are a key determinant of the sizing of individual investments in the portfolio.

GSS’s three-year NAV performance relative to the benchmark

Source: Refinitiv, Edison Investment Research. Note: Total returns in sterling. 100 = base.

Why consider GSS now?

As EMs gain momentum, GSS could be a good, broadly diversified and relatively defensive EM growth equity choice for investors. The fund’s thesis is based on the investment team identifying good-quality businesses that can take advantage of the superior growth opportunity in lower and middle-income countries markets in order to grow and create value over time. The equity market broadly discounts most EM companies and the team targets inefficient pricing to benefit in these markets, and the compound returns on investment in the best EM companies. An example is the global digitalisation trend, which has accelerated within EMs as a result of the impact of the COVID-19 pandemic, crystallising leaders in this space. The recent commodity boom should also benefit many EM countries.

The analyst’s view

GSS’s key objective is to protect and grow long-term shareholder value, which it has achieved over the medium and long term. The trust’s NAV returned 89% over 10 years. The chart above illustrates GSS’s NAV outperforming (above the 100 grey baseline) the MSCI Emerging Markets Index over a three-year period on a total return basis. EM is the firm’s only asset class and all its resources are deployed towards managing EM equities, which is one of GSS’s differentiating features. The other key feature is Genesis’s in-house approach to environmental, social and corporate governance (ESG), which we discuss in this report.

The team’s view

Genesis’s investment team is enthusiastic about the economic recovery in EMs and the resulting investment opportunities. The portfolio manager Karen Roydon points out that the global recovery will benefit most EM countries, particularly those with large exposures to commodities, as they will be able to monetise commodity revenues to accelerate the recovery and growth of their economies.

The biggest increases in country weightings were China and Taiwan, by 3.4pp and 2.3pp, respectively (see Exhibit 1). This was despite the team taking profits in a number of Chinese and Taiwanese companies on the back of strong performance and very high valuations. For example, Jiangsu Yanghe Brewery (0.67% of the portfolio at end-April 2021), the premium alcohol producer in China, has seen strong demand for its products during the year and its valuation has surged as a result. Given the team’s valuation discipline, it reduced its holdings in the sector by 250bp in 2020 and another 75bp in 2021, after the share prices of Jiangsu Yanghe Brewery and Wuliangye more than tripled between March 2020 and January 2021. The trust is significantly underweight China, Taiwan and South Korea. This reflects the team’s view that there are many attractive investment opportunities in the broader EM universe where valuations are also less stretched.

Exhibit 1: Portfolio geographic exposure versus benchmark (% unless stated)

Portfolio end-April 2021

Portfolio end-April 2020

Change (pp)

Index weight

Active weight vs index (pp)

Trust weight/ index weight (x)

China

30.7

27.3

3.4

37.5

(6.8)

0.8

India

9.6

12.0

(2.4)

9.4

0.2

1.0

South Korea

8.3

8.8

(0.5)

13.4

(5.1)

0.6

Russia

6.7

6.3

0.4

3.0

3.7

2.2

Taiwan

6.4

4.1

2.3

14.6

(8.2)

0.4

South Africa

6.0

5.2

0.8

3.7

2.3

1.6

Mexico

3.8

3.9

(0.1)

1.7

2.1

2.3

Thailand

2.5

4.0

(1.5)

1.8

0.7

1.4

Brazil

2.7

2.8

(0.1)

4.6

(1.9)

0.6

Indonesia

2.4

2.3

0.1

1.2

1.2

2.0

100.0

100.0

100.0

Source: Genesis Emerging Markets Fund, Edison Investment Research

The global acceleration of digitalisation in 2020 has been of interest to the team. The social impact of the COVID-19 pandemic lockdowns has been significant. The increase in online activity, such as purchases and entertainment, resulted in the growth of internet businesses broadly across EMs, including China and North Asia, where there is already a highly developed digital footprint. Roydon points out the pandemic has accelerated the growth of digital consumer applications, particularly outside China and North Asia, creating businesses with much more scale. This has made the industry more settled and it is now much easier to see who the winners will be in these less developed markets (see the below paragraph for some examples), which was not the case 18 months ago.

The team has been taking advantage of this trend in portfolio activity. Despite having a relatively large exposure to internet businesses outside China historically, it has continued to increase exposure to internet businesses outside China in particular. For example, it initiated a holding in Delivery Hero (1.4%), an online food delivery company with business across different EM countries, which has a third of its business in the Middle East, where e-commerce also picked up considerably in 2020. It also added Yandex (1.64%), the largest Russian internet search engine. According to Roydon, e-commerce sales growth in Latin America were running at less than 15% annually but accelerated to 50% in 2020. Genesis is also seeing a boom in e-commerce in Russia, particularly at one of the leaders, Ozon (0.35%), a multi-category e-commerce platform and a public company in which the fund invests.

Long-term, consumption-led EM themes continue to shape the portfolio’s sector exposure with consumer discretionary & staples and financials accounting for c 60% of the portfolio (Exhibit 2). The repositioning for the post-COVID-19 pandemic recovery is illustrated by the shift towards cyclical consumer discretionary businesses (+5.0pp over the past 12 months to end-April 2021) and a reduction in consumer staples (-2.4pp). The portfolio had 112 holdings at the end of April 2021.

Exhibit 2: Portfolio sector exposure vs benchmark (% unless stated)

Portfolio end- April 2021

Portfolio end- April 2020

Change (pp)

Index weight

Active weight vs index (pp)

Trust weight/ index weight (x)

Consumer discretionary

20.8

15.8

5.0

17.4

3.4

1.2

Consumer staples

20.3

22.8

(2.4)

5.5

14.8

3.7

Financials

19.0

20.3

(1.3)

17.9

1.1

1.1

Communication services

13.6

13.4

0.2

11.7

1.9

1.2

Information technology

12.9

12.9

0.1

21.2

(8.2)

0.6

Healthcare

5.4

6.6

(1.2)

4.7

0.7

1.2

Industrials

4.0

2.8

1.2

4.4

(0.4)

0.9

Materials

1.8

2.3

(0.4)

8.6

(6.7)

0.2

Investment companies

0.6

1.0

(0.4)

0.0

0.6

N/A

Energy

-

0.1

N/A

4.7

N/A

N/A

Cash

1.5

2.2

(0.7)

0.0

100.0

100.0

100.0

Source: Genesis Emerging Markets Fund, Edison Investment Research

ESG analysis performed by PMs is reflected in portfolio weights

The 21st century market consensus view is that understanding ESG considerations is critical for investors to generate long-term returns. Genesis believes ESG is particularly important for investors in EMs, as regulatory institutions in these regions are often weak. In EMs, the law often provides only weak protection for the interests of stakeholders. As long-term active investors, the Genesis team prefers not to be at the mercy of poorly governed companies, so investing in companies with strong and improving governance is very important. The impact of environmental and social factors can be more subtle in EMs and the team has developed proprietary industry frameworks to inform its analysis.

ESG considerations have always been an integral part of Genesis’s investment process. There are three key points to the process:

All ESG analysis is conducted by the portfolio managers (PMs).

ESG factors feed directly into the weighting of companies within the portfolio.

Company engagement is also led by the PMs, helping to improve outcomes.

There are 11 PMs at Genesis who manage the fund jointly. Each PM is responsible for integrating ESG risks and opportunities into their investment thinking – it is not the responsibility of a separate team, highlighting the importance of ESG in the process. PMs create a stakeholder analysis, which identifies the most material ESG factors facing a company and sets out an engagement plan to attempt to address the issues that can be improved. This stakeholder analysis forms part of the company’s quality rating, which is a sizing factor; a material risk that affects a PM’s assessment of long-term sustainability will result in a lower quality rating, and hence a lower weight in the portfolio.

Engagement priorities (for the top 10 engagement priorities see exhibit 3) are identified by PMs and recorded and tracked regularly. Genesis believes that the most effective way to influence management behaviour and create change is for the PMs – who have the closest relationship with the company – to lead the discussion. Engagement is important as it helps companies improve and to reduce some of the risks that their business, and by extension, their shareholders may face.

Exhibit 3: Genesis’s top 10 corporate engagement priorities

Climate change – carbon emissions, electricity

Capital management

Supply chain management

Product responsibility – including data security and privacy, financial product safety

Board independence

Remuneration

Board composition – skills, experience and diversity

Labour management principles

Shareholder rights and alignment

Pollution and waste management – including packaging

Source: Genesis Emerging Markets Fund

PMs have ample access to ESG research materials. They liaise with industry specialists, invite expert speakers to educate the team on material ESG matters, such as primary energy usage, water management & security and labour standards, as well as more niche topics like antibiotic usage by protein businesses. Genesis’s team members use ESG ratings providers like MSCI as a reference to inform their decisions, as well as information from many of the ESG-related groups they support, such as the Asian Corporate Governance Association and the CDP (previously the Carbon Disclosure Project), but draw their own conclusions.

Managing over $20bn, Genesis is a sizeable investor in EMs and, given the team’s long-term investment horizon, it is a valued shareholder. Investee companies tend to take Genesis’s views seriously, as it is typically a material shareholder in a company.

Genesis’s PMs engage with companies individually, and also collaboratively with other shareholders. For example, Genesis collaboratively engages with portfolio companies on climate-related issues. Recently it acted as lead investor for three high-priority companies identified by the CDP to encourage disclosure on climate change, water security and forest-related risks. Genesis promotes the industry accepted standards set by the CDP, a governing body for blue-chip organisations. The CDP governs information on companies regarding climate change issues and engages with them to improve disclosure.

Exhibit 4 shows three examples that illustrate the outcomes of the teams engagement with portfolio holdings.

Exhibit 4: Examples of Genesis’s engagement with portfolio companies

Company

Country

Industry

30-Apr-21 (%)*

Description of engagement

Outcome

Godrej Consumer

India

Consumer discretionary

0.6

PM suggested that the company uses more disclosure recommended by CDP

The company published some of this disclosure on its website.

Magnit

Russia

Consumer staples

0.1

The team have been actively involved in nominating and electing two board members.

The company appointed two independent board directors.

WH Group

China

Consumer staples

1.2

The focus of the engagement is on E&S part of ESG footprint. The focus is on three areas: antibiotic usage, emissions footprint and labour standards.

Used multiple approaches with the company and has good relationship with the founder and chairman, who is the most senior decision maker and has a very strong presence in the company. Engaged as a team with other investors, wrote letters to the company to address the issues. So far, company has pledged to improve disclosure Although early days, it looks promising.

Source: Genesis, Edison Investment Research. Note: *Percentage of GSS portfolio at end-April 2021.

Genesis’s Annual Stewardship Report 2020 is a detailed account of its ESG process.

Performance

Over the past 12 months, GSS’s NAV has been almost in line with the benchmark on a total return basis, despite the portfolio’s defensive stance (see Exhibits 5 and 6). Strongly performing Chinese and Russian companies, such as such as Wuliangye, Jiangsu Yanghe Brewery and Yandex, helped GSS to achieve competitive performance. Indeed, GSS’s Chinese exposure has added a lot of value over the last year. The share price of several portfolio holdings more than doubling, particularly the positions in A-share holdings where the fund has a 6–7% combined weighting. As discussed above, the team has subsequently taken profits where outperformance has led to high valuations. It should be noted the fund remains underweight in China, Taiwan and South Korea, reflecting attractive opportunities found elsewhere in emerging and frontier markets.

Exhibit 5: Five-year discrete performance data

12 months ending

Share price
(%)

NAV
(%)

MSCI Emerging Markets (%)

MSCI World (%)

CBOE UK All Companies (%)

31/05/17

36.7

35.0

44.2

32.0

24.4

31/05/18

7.8

10.0

11.0

8.8

6.6

31/05/19

3.1

0.7

(3.2)

5.9

(3.4)

31/05/20

(4.1)

(2.0)

(2.2)

9.5

(12.0)

31/05/21

40.8

30.4

31.8

22.9

23.4

Source: Refinitiv. Note: All % on a total return basis in pounds sterling.

Longer-term performance remains robust, with the trust outperforming its benchmark over 10 years.

Exhibit 6: Investment company performance to 31 May 2021

Price, NAV and index total return performance, one-year rebased

Price, NAV and index total return performance (%)

Source: Refinitiv, Edison Investment Research. Note: Three-, five- and 10-year performance figures annualised.

GSS’s defensive tilt and focus on the consumer sector may sometimes result in a performance lag versus the diverse peer group (Exhibit 7). In particular, GSS typically lags the more concentrated, aggressive growth mandates when markets are led by a narrow group of technology stocks, such as in 2020. The peer group contains aggressive growth, income and specialist (such as frontier markets) mandates. GSS outperformed the sector average over three and five years. The trust does not have an income focus and ranks fifth for dividend yield. The trust’s ongoing charge also ranks fifth and it does not charge a performance fee. The fund was ungeared at end-April 2021.

Exhibit 7: GSS peer group at 31 May 2021*

% unless stated

Market
cap £m

NAV TR
1 year

NAV TR
3 year

NAV TR
5 year

NAV TR
10 year

Discount (cum-fair)

Ongoing charge

Perf. fee

Net gearing

Dividend yield (%)

Genesis Emerging Markets Fund

1,141.8

31.5

29.7

92.7

89.2

(6.0)

1.1

No

100

1.4

Aberdeen Emerging Markets

330.0

42.4

30.9

99.0

74.2

(13.9)

1.0

No

100

0.0

BlackRock Frontiers

232.9

35.5

(2.9)

41.5

N/A

(5.6)

1.4

Yes

110

4.2

Fundsmith Emerging Equities Trust

352.4

17.6

15.2

51.1

N/A

(8.0)

1.3

No

100

0.0

JPMorgan Emerging Markets

1,597.0

40.8

46.2

126.7

138.7

(3.0)

0.9

No

100

1.1

JPMorgan Global Emerging Mkts Income

444.4

41.9

33.5

99.4

113.4

(6.1)

1.2

No

105

3.4

Templeton Emerging Markets

2,433.3

36.1

39.9

133.3

86.7

(6.3)

1.0

No

100

1.8

Utilico Emerging Markets

475.8

23.8

11.9

44.7

79.8

(12.6)

1.1

No

109

3.6

Sector average (eight trusts)

876.0

33.7

25.5

86.0

97.0

(7.7)

1.1

103

1.9

MSCI Emerging Markets Index

25.5

22.1

68.7

64.7

0.7

GSS rank in peer group

3

6

5

5

3

3

5

4

5

Source: Morningstar, Edison Investment Research. Note: *Performance to 31 May 2021 based on ex-par NAV. TR = total return. Net gearing is total assets less cash and equivalents as a percentage of net assets (100 = ungeared).

General disclaimer and copyright

This report has been commissioned by Genesis Emerging Markets Fund and prepared and issued by Edison, in consideration of a fee payable by Genesis Emerging Markets Fund. Edison Investment Research standard fees are £18,000 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2021 Edison Investment Research Limited (Edison).

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New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

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General disclaimer and copyright

This report has been commissioned by Genesis Emerging Markets Fund and prepared and issued by Edison, in consideration of a fee payable by Genesis Emerging Markets Fund. Edison Investment Research standard fees are £18,000 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2021 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

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Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

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Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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