Northcape Capital Pty Ltd

Northcape Capital Pty Ltd is a concentrated fundamental stock-picker, running a $866.7M US long book across 8 positions.

The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: AMERICA MOVIL-SPN ADR CL L, MERCADOLIBRE INC, HDFC BANK LTD-ADR, ITAU UNIBANCO H-SPON PRF ADR, FOMENTO ECONOMICO MEX-SP ADR.

Over the last 8 quarters its long book ran on average 2.9pp per quarter behind the S&P 500, beating the index in 3 of 8 quarters. We rate its filings highest-signal: new buys here are worth attention.