{"id":1127,"date":"2021-01-13T13:10:23","date_gmt":"2021-01-13T12:10:23","guid":{"rendered":"http:\/\/kallistopartners.com\/eng\/?p=1127"},"modified":"2021-07-09T11:01:44","modified_gmt":"2021-07-09T09:01:44","slug":"commentary-31-december-2020","status":"publish","type":"post","link":"https:\/\/kallistopartners.com\/it\/commentary-31-december-2020\/?lang=en","title":{"rendered":"Commentary 31 December 2020"},"content":{"rendered":"<div id='full_slider_1'  class='avia-fullwidth-slider main_color avia-shadow   avia-builder-el-0  el_before_av_section  avia-builder-el-first   container_wrap fullsize' style=' '  ><div   data-size='no scaling'  data-lightbox_size='large'  data-animation='slide'  data-conditional_play=''  data-ids='59'  data-video_counter='0'  data-autoplay='false'  data-bg_slider='false'  data-slide_height=''  data-handle='av_slideshow_full'  data-interval='5'  data-class=' '  data-el_id=''  data-css_id=''  data-scroll_down=''  data-control_layout='av-control-hidden'  data-custom_markup=''  data-perma_caption=''  data-autoplay_stopper=''  data-image_attachment=''  data-min_height='0px'  data-src=''  data-position='top left'  data-repeat='no-repeat'  data-attach='scroll'  data-stretch=''  class='avia-slideshow avia-slideshow-1  av-control-hidden av-default-height-applied avia-slideshow-no scaling av_slideshow_full   avia-slide-slider '  itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><ul class='avia-slideshow-inner ' style='padding-bottom: 28.666666666667%;' ><li  class=' av-single-slide slide-1 ' ><div data-rel='slideshow-1' class='avia-slide-wrap '   ><div class = \"caption_fullwidth av-slideshow-caption caption_center\"><div class = \"container caption_container\"><div class = \"slideshow_caption\"><div class = \"slideshow_inner_caption\"><div class = \"slideshow_align_caption\"><h2  style='font-size:55px; color:#ffffff; ' class='avia-caption-title  '  itemprop=\"name\" >UPDATES<\/h2><\/div><\/div><\/div><\/div><\/div><img src='https:\/\/kallistopartners.com\/it\/wp-content\/uploads\/2016\/08\/test.png' width='1200' height='344' title='test' alt=''  itemprop=\"thumbnailUrl\"   \/><\/div><\/li><\/ul><\/div><\/div>\n<div id='av_section_1'  class='avia-section main_color avia-section-default avia-no-shadow  avia-bg-style-scroll  avia-builder-el-1  el_after_av_slideshow_full  avia-builder-el-last   container_wrap fullsize' style=' '  ><div class='container' ><div class='template-page content  av-content-full alpha units'><div class='post-entry post-entry-type-page post-entry-1127'><div class='entry-content-wrapper clearfix'>\n<div  style='padding-bottom:10px; ' class='av-special-heading av-special-heading-h3    avia-builder-el-2  el_before_av_one_half  avia-builder-el-first  '><h3 class='av-special-heading-tag '  itemprop=\"headline\"  >Commentary 31 December 2020<\/h3><div class='special-heading-border'><div class='special-heading-inner-border' ><\/div><\/div><\/div>\n<div  style='height:20px' class='hr hr-invisible  '><span class='hr-inner ' ><span class='hr-inner-style'><\/span><\/span><\/div>\n<div class=\"flex_column av_one_half  flex_column_div av-zero-column-padding first  avia-builder-el-3  el_after_av_heading  el_before_av_one_half  \" style='border-radius:0px; '><section class=\"av_textblock_section \"  itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock  '  style='font-size:14px; '  itemprop=\"text\" ><div class=\"page\" title=\"Page 1\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: justify;\">Despite the pressure that COVID-19 has brought all over the world, the fund has outperformed the benchmark, returning 3.61% YTD in USD terms, against -4.46%.<\/p>\n<p style=\"text-align: justify;\">Our proprietary model constantly assessing investment flows has given us a twofold edge:<\/p>\n<p style=\"text-align: justify;\">\n<li>allowed us to mitigate the mid-March fall;<\/li>\n<li>signalled a great entry point in high-quality Frontier Markets companies.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">In 2020 we witnessed in Developed and Emerging Markets an explosion in multiples mainly driven by the tech sector. The significant price gap formed between Frontier Markets and more developed countries is likely to narrow once price in Frontier Markets will start catching-up.<\/p>\n<p style=\"text-align: justify;\">Our portfolio is better positioned not only compared with more developed markets but also with Frontier Markets peers, offering the same growth opportunity, but trading at 8x price-to-earnings ratio against 10.5x, 15.8x and 19.2x for Frontier, Emerging and Developed Markets, respectively.<\/p>\n<p style=\"text-align: justify;\">Right now our fund gives you \u201chalf the price at double the growth\u201d.<\/p>\n<p style=\"text-align: justify;\">\n<\/div>\n<\/div>\n<\/div>\n<div class=\"page\" title=\"Page 2\"><\/div>\n<\/div><\/section><br \/>\n<section class=\"av_textblock_section \"  itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock  '  style='font-size:14px; '  itemprop=\"text\" ><div class=\"page\" title=\"Page 1\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p>Contacts:<\/p>\n<p>Massimo Dinia<\/p>\n<p>Tel. +39 06 93574730<\/p>\n<p><a href=\"mailto:info.roma@kallistopartners.com\">info.london@kallistopartners.com<\/a><\/p>\n<p><a href=\"https:\/\/www.linkedin.com\/company\/kallisto-partners\">https:\/\/www.linkedin.com\/company\/kallisto-partners<\/a><\/p>\n<p style=\"text-align: justify;\">\n<\/div>\n<\/div>\n<\/div>\n<div class=\"page\" title=\"Page 2\"><\/div>\n<\/div><\/section><\/p><\/div><div class=\"flex_column av_one_half  flex_column_div av-zero-column-padding   avia-builder-el-5  el_after_av_one_half  avia-builder-el-last  \" style='border-radius:0px; '><p><div  class='avia-image-container  av-styling-    avia-align-center '  itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\"  ><div class='avia-image-container-inner'><div class='avia-image-overlay-wrap'><img class='avia_image' src='http:\/\/kallistopartners.com\/eng\/wp-content\/uploads\/2021\/01\/colombo-sri-lanka-boooqify_2-300x200.jpg' alt='' title=''   itemprop=\"thumbnailUrl\"  \/><\/div><\/div><\/div><br \/>\n<div  class='avia-button-wrap avia-button-center ' ><a href='http:\/\/kallistopartners.com\/eng\/wp-content\/uploads\/2021\/01\/Comment_Ann_2020_Eng.pdf' class='avia-button   avia-icon_select-no avia-color-theme-color avia-size-large avia-position-center ' target=\"_blank\" rel=\"noopener\"><span class='avia_iconbox_title' >Download PDF<\/span><\/a><\/div><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":3,"featured_media":2608,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[28,9],"tags":[],"_links":{"self":[{"href":"https:\/\/kallistopartners.com\/it\/wp-json\/wp\/v2\/posts\/1127"}],"collection":[{"href":"https:\/\/kallistopartners.com\/it\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kallistopartners.com\/it\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kallistopartners.com\/it\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/kallistopartners.com\/it\/wp-json\/wp\/v2\/comments?post=1127"}],"version-history":[{"count":3,"href":"https:\/\/kallistopartners.com\/it\/wp-json\/wp\/v2\/posts\/1127\/revisions"}],"predecessor-version":[{"id":2041,"href":"https:\/\/kallistopartners.com\/it\/wp-json\/wp\/v2\/posts\/1127\/revisions\/2041"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/kallistopartners.com\/it\/wp-json\/wp\/v2\/media\/2608"}],"wp:attachment":[{"href":"https:\/\/kallistopartners.com\/it\/wp-json\/wp\/v2\/media?parent=1127"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kallistopartners.com\/it\/wp-json\/wp\/v2\/categories?post=1127"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kallistopartners.com\/it\/wp-json\/wp\/v2\/tags?post=1127"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}