Zephyr Management L.P. - Zephyr Management, L.P. - A Global Private Equity and Marketable Securities Firm

pic-office-251 Zephyr Management, L.P. is a global emerging markets investment manager, specializing in the creation and management of highly focused private equity and marketable securities funds. Founded in 1994, capital commitments to Zephyr funds since inception total approximately $1.3 billion from a wide variety of investors, including family offices, endowments, foundations, pensions, multilateral development banks, and sovereign wealth funds. Each fund has a dedicated investment team located in-market, which engages in fundamental, bottom-up research to identify outstanding businesses with excellent balance sheets, high returns on capital and good corporate governance.
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Emerging Markets Update

The performance of emerging markets remained uninspiring in March. Asia and EMEA fell while Latin America just about managed to hold its own. The only pocket of sunshine was Southeast Asia where positive macro‐economic news continued to hold sway. The Philippines had its sovereign debt rating raised to investment grade by Fitch and Thailand saw its rating raised a notch by S & P. However, it was Malaysia leading the charge on the back of decent earnings reports and diminishing concern about the outcome of the upcoming election.

Latin American Markets Update

The Latin American Markets, as proxied by the MSCI Latin American Index, were flat for the month of March. Emerging market countries had a difficult month with a 1.7% decline in their respective index, while the developed countries fared better with a 3.8% and 0.8% appreciation for the US and EAFE market indices, respectively. During March, the Latin American region was led by 5.2% appreciation of the Peruvian market as a result of the release of some positive economic figures. On March 22 the Peruvian Central Bank raised its 2013 growth expectation for the Peruvian economy to 6.3%.