This strategy offers investors a pure exposure to African markets outside South Africa. Stock selection takes precedence over country allocation, and the bottom-up process is rigorous, systematic and value-oriented. The investment team looks for companies that are undervalued relative to their long-term free cash flow. Because of the undiscovered nature of Africas frontier markets, our investment team members spend a great deal of time on the continent, making first-hand observations and producing original company research. This research is combined with our proprietary company database and earnings forecasts.