Emerging Markets Management, L.L.C.

A Seasoned Investment Team
Diverse, Dynamic and Dedicated

We believe that EMM has the industry’s leading team of specialized emerging markets professionals. Our portfolio managers and analysts combine diverse language skills and nationalities with well-honed financial and analytical skills.

The investment team makes hundreds of on-site company visits each year to collect critical, first-hand company and country information. The goal is to apply a disciplined investment process to both country allocation and stock selection across emerging markets.

	Antoine van Agtmael Chairman and Chief Investment Officer Antoine van Agtmael founded EMM with a vision: to offer superior returns with lower risk by applying modern techniques to investing in carefully selected emerging markets equities. He is widely considered a pioneer in emerging markets investing, having coined the term “emerging markets” to describe this unique and exciting asset class. Mr. van Agtmael has served as Division Chief in the World Bank’s Treasury operations and as Deputy Director of the Capital Markets Department at the International Finance Corporation. At the IFC, he created the world’s first emerging markets equity index and wrote a groundbreaking book on emerging markets. He earned an M.B.A. from New York University, an M.A. from Yale University and a B.A. from the Netherlands School of Economics.

	Felicia Morrow President, Chief Executive Officer and Lead Portfolio Manager As the Firm’s Lead Portfolio Manager and Chief Executive Officer, Felicia Morrow plays a vital role in the investment process and management of EMM. She is a Director of the EMM Umbrella Fund and has served as the Latin American and Southeast Asian Portfolio Manager for the global portfolios since 1991 and 1997 respectively. She has also managed the Latin Small Capitalization Fund since its inception in November 1994 and the Global Small Capitalization Fund since its March 2004 inception. Prior to joining EMM, Felicia served as a consultant to the World Bank and was a Project Development Officer for USAID. She has traveled extensively throughout Emerging Markets and lived in Indonesia. Ms. Morrow earned an M.B.A. from Harvard Business School and a B.A. from Stanford University.

	Michael Duffy, Ph.D., CFA Asset Allocation Strategist and Managing Director Michael Duffy has developed and refined EMM’s state-of-the-art country allocation model since the firm’s inception. Mr. Duffy brings global insights into EMM’s investment process. He has served as Senior Pension Investment Officer at the World Bank and as an Economist at the Board of Governors of the Federal Reserve System. He has also served as a corporate treasurer and a college instructor in economics. Mr. Duffy earned both a Ph.D. and an M.A. in economics at the University of Chicago, after receiving his B.A. in economics from the University of Michigan.

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