APK is this year’s emerging markets winner thanks to outstanding performance and a sophisticated approach to emerging markets (EM) investing. According to the judges, APK has demonstrated outstanding leadership in EM investing, combining rigorous analysis, disciplined allocation, and a forward-looking ESG framework. Crucially, APK’s proprietary ESG framework, APK Delta, ensures that sustainability is integrated without compromising returns, raising scores significantly in EM corporate strategies. The fund exhibits a deep, nuanced understanding of EM opportunities and risks, underpinned by in-house market research and robust valuation modelling. Its strategy considers legal, political, currency, and property-right risks, allocating around 22.5% to EM assets, which consistently outperform developed markets. The judges praised the fund’s strong analytical rigour, innovative culture, effective ESG handling, and clear, well-structured presentation. Overall, APK’s strategic insight and demonstrable long-term results make it a benchmark in EM investing.