Launched in December 2009, this emerging markets fund shows a lot of promise. Managed by veteran Phillippe Langham and his team using a “Growth at a Reasonable Price” approach, performance has been very strong. To the end of July, it has gained an annualized 8.10% for the past three years, handily outpacing both the index and many of its peers. Perhaps more impressive, the fund’s overall volatility and downside capture are very favourable. In fact, on a risk adjusted basis, this fund is starting to give my current favourite, Brandes Emerging Markets, a run for its money. The downside is that while it appears that the emerging markets have turned the corner, there are still significant risks in the region, and more volatility is expected. Unless you can stomach the higher risk, you will probably want to avoid this fund for now.