Increasingly within emerging market economies, there are many companies that have developed to challenge the world’s best businesses in terms of growth, resilience and profitability. Without the household name status and associated capital flows, valuations are attractive and do not reflect the underlying value of the business, plus they have a larger exposure to the uncorrelated and structural growth inherent in emerging markets. And, the ‘whole’ is a lot bigger than most people realise because there are many more ‘parts’ than just seven examples of such ...