By Rob Brewis, fund manager at Aubrey Capital Management

The question we get asked most frequently by potential investors is this one: “Your fund appreciated by over 50 percent last year, 30 percent more than the broader market; surely you have done your stuff?  Your stocks must be very over-valued, mean reversion means you can’t have another good year, surely the value-based funds will (finally) do better this year?”

First, let’s look at the asset class itself. In broad terms, emerging market (EM) equities are still on undemanding forward multiples.

Figures from Bank of America have them...