MILLTRUST LATIN AMERICA FUNDS

Strategy:
The Milltrust Latin America Fund (UCITS) seeks strong long-term, risk-adjusted returns by combining rigorous bottom-up analysis with top-down country and sector allocations across the key Latin American markets.

The Portfolio holds around 55-75 names mainly in small to mid-cap stocks which are poised to benefit the most from secular growth themes opportunities in the fragmented Latin American markets.

Top-down analysis accompanies fundamental company-level due diligence by identifying long-term macroeconomic trends that are expected to drive company and sector dynamics.

The Fund has the ability to mitigate market volatility through the use of cash.

Investment Manager:
Itaú USA Asset Management (IUAM) is a subsidiary of Itaú Unibanco Holding S.A which is today one of the largest financial institutions in the Southern Hemisphere and specialist in Brazil and Latin America investing. IUAM is the centre for Latin Equities Strategies.

Team:

The Milltrust Latin America Fund is managed by Scott Piper, one of the most knowledgeable managers in the region with nearly two decades experience investing in Latin American markets. Prior to joining IUAM in March 2011 he worked for 8 years with Morgan Stanley Investment Management, where he was a member of the Emerging Markets Group and Co-Portfolio Manager of USD 4 billion in Latin American dedicated assets. Prior to Morgan Stanley, he was a Portfolio Manager at Deltec Asset Management where he managed both Latin and Emerging Market portfolios. Scott Piper holds B.A in International Relations – Tulane University and MBA from IESE Business School (Barcelona, Spain).

Scott Piper is supported by one of the largest investment teams locally based in New York, Brazil and Chile.

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