FUND OVERVIEW
Through the Bellamont BCI Emerging Market Feeder Fund, South African investors gain access to the Cullen Emerging Markets High Dividend Fund, a disciplined, valuation led equity strategy designed to capture the long-term opportunity in emerging markets without sacrificing quality or income.
Managed by Cullen Capital Management, the strategy is grounded in a time tested value philosophy: invest in companies with low price/earnings ratios, above average dividend yields, and sustainable earnings and dividend growth.
The portfolio typically holds 50–70 undervalued, high quality emerging market businesses. Each company must demonstrate strong balance sheets, durable cash flows, sound governance and clear catalysts capable of driving long-term earnings and dividend growth.
A rigorous bottom-up research process evaluates company fundamentals alongside geopolitical and macroeconomic considerations, ensuring that risk is assessed as carefully as return potential.
Rather than chasing momentum, the strategy seeks to compound capital patiently, combining valuation discipline, dividend strength and growth catalysts in markets where price inefficiencies remain significant.
Risk Profile - Aggressive
Investment Horizon - 10+ Years
Fund Inception - 29 January 2026. Strategy Inception - January 2006.
Benchmark - ASISA Global Equity General Category Average
Strategy Assets Under Management - R30+ Billion
What Makes Cullen Capital Unique?
A Philosophy That Hasn’t Changed
Since 1983, Cullen Capital has applied the same disciplined value framework inspired by Benjamin Graham, price matters.
Low P/E ratios. Above-average dividend yields. Sustainable earnings growth.
Dividends as Proof of Quality
Dividends are not simply income, they signal balance sheet strength, cash flow durability and management alignment. Cullen Capital prioritises companies capable of growing dividends responsibly over time.
Research Before Conviction
Every holding must pass rigorous fundamental analysis – valuation, governance, capital discipline, geopolitical context and macro resilience.
Patience as an Edge
This is not a strategy built on momentum. It is built to compound capital deliberately, investing in mispriced, high-quality businesses positioned to benefit from identifiable catalysts.
Discipline. Valuation. Dividends.
Applied consistently, through cycles.
The Cullen Capital Investment Process
Cullen Capital applies a disciplined, valuation led investment process grounded in rigorous fundamental research, using a structured and repeatable framework to identify undervalued, dividend paying emerging market companies while managing risk and compounding capital through cycles.
1.
Screen for Value
The process begins with a systematic screen of local shares and ADRs across emerging markets, identifying companies that demonstrate:
- Low price-to-earnings ratios
- Above-average dividend yields.
- Long-term dividend per share (DPS) growth.
- Long-term earnings per share (EPS) growth.
- Supportive price momentum trends.
- Acceptable corporate governance standards.
2.
Deep Fundamental Research
Shortlisted companies undergo comprehensive bottom-up analysis, including:
- Attractive relative valuations
- Strong competitive positioning and dominant company characteristics.
- Clear catalysts for earnings and share price appreciation.
- Sustainable and shareholder-aligned dividend policies.
- Stable macroeconomic and geopolitical environments.
3.
Portfolio Construction
The portfolio is constructed with deliberate diversification and strict risk controls:
- Approximately 50–70 holdings.
- Exposure across all 10 market sectors.
- Maximum 5% position size per stock (at cost).
- Maximum 20% exposure to any one industry (at cost).
- Generally no more than 30% exposure to any single country.
- Top 10 holdings typically represent 35–40% of the portfolio.
4.
Disciplined Sell Framework
Capital is reallocated when:
- Price objectives are achieved.
- Expected earnings growth does not materialise.
- Company fundamentals deteriorate.
- Dividend policies change unfavourably.
- Valuations become excessive.
- The broader market thesis shifts.
- A superior opportunity arises.
