AGF Emerging Markets Equity Strategy

Fundamental, bottom-up investment approach.
All cap
MSCI Emerging Markets Index
Inception Date
June 2003

Key Reasons to Invest

    • For investors seeking exposure to a broad universe of high quality companies in emerging market countries
    • Emerging Market fundamentals are improving at both the company and country level
    • The asset class currently has attractive valuations and a large discount to the developed markets


The strategy’s objective is growth at a reasonable price derived by investing in equities of companies operating in emerging market countries with a fundamental, bottom-up investment style and top-down country allocation framework.


The AGF Emerging Markets Equity Strategy focuses on economic value added (EVA). We believe this will drive long-term returns while controlling risk, and that companies generating returns in excess of their cost of capital create shareholder value. Our long-term investment horizon approach strives to take advantage of what we believe are short-sighted markets. We believe that markets are short-sighted and the differences between winners and losers become differentiated over time. We analyze existing holdings with a view towards the long term.

The result of our investment process reveals emerging market stocks with strong profitability, resulting in sustainable earnings growth prospects not recognized by the market and selling at attractive valuations which drive our disciplined and diversified portfolio construction process.


Our investment process is based on the concept of EVA, which focuses on finding companies that over time will exhibit characteristics such as strong/growing cash flow generation, sales, margins, and/or asset utilization.

Our process is underpinned by fundamental stock selection and aided by our disciplined country allocation framework, with an awareness of the macroeconomic conditions through country analysis. Our emerging markets universe includes the MSCI Emerging Markets Index and Hong Kong, for a total of 27 countries.

The country universe is scored and ranked for valuations, growth/sentiment, and risk. A minimum market cap of US$500 million is applied in the security screening process. The remaining universe is then ranked based on historical and prospective valuation, growth, and sentiment characteristics.

We apply an EVA screen to the resulting universe to uncover companies that have the ability to generate a return on investment that exceeds the company’s cost of capital. From there, selected names are reviewed using in-depth fundamental analysis to uncover companies with strong businesses and management, unrecognized growth potential, and attractive valuations. The portfolio manager imposes disciplined controls at the country, sector, company, and portfolio level.

Emerging Markets Process

Fund Managers

Regina Chi, CFA

Regina Chi, CFA

Vice-President, Portfolio Manager
AGF Investments Inc.

Title and Position

Regina Chi is Vice-President and Portfolio Manager with lead responsibility for AGF Emerging Markets strategies. She has an investment philosophy consistent with AGF’s Global Equity Team and looks for quality companies that have long-term sustainable competitive advantages at attractive valuations.

Regina is a CFA charterholder. She received her Bachelor of Arts in Economics and Philosophy from Columbia University. Regina has a working knowledge of Korean and Spanish.

Approach or Quote

Regina brings 23 years of international equity experience to this role. She was most recently a partner at DePrince, Race & Zollo Inc. where she was portfolio manager for the Emerging Markets and International Value disciplines. She was also head of portfolio management and research as they related to Emerging Markets, Global, International and International Small Cap strategies. Prior to this role, she held senior investment management roles at Oppenheimer Capital, Federated Investors and Clay Finlay Inc.

Registered as a Portfolio Manager under AGF Investments Inc. and AGF Investment America Inc. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

Years with AGF

< 1

Years in the industry




Years of experience


Different home countries


Languages spoken


Years - Stephen Way, the longest-tenured global equity manager in Canada

Analyst Name

Portfolio Management
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