CEO Letter from Jennifer Dunne, CFA

22 January 2024

This is my first letter as CEO of Rondure Global Advisors. Having been an analyst and portfolio manager for much of my career, I have read thousands of these kinds of letters. The messages that always resonated with me the most were those that exuded a culture of service.

As I was growing up, my father imparted many words of wisdom. One story in particular has stayed with me. He said: “Make a fist and plunge it into a bucket of water. When you pull it out the impression you leave in that water is the ultimate impact you will have on this earth.” This said by a world-famous spine surgeon who healed countless people and wrote the seminal textbook on back pain! His point was that none of us are all that important no matter what our accomplishments. Stay humble and serve.

Rondure’s culture is grounded in the concept of service. We exist to serve our clients. In addition, we also serve our colleagues and the organization as a whole. Many aspects of what we do are interrelated and rooted in a deep respect for our clients’ ultimate goals, our colleagues’ depth and breadth of knowledge, and the company that our chairwoman and portfolio manager Laura Geritz founded in 2016. Rondure embraces originality and diversity of thought and works hard to foster a culture of active listening and understanding. The extent to which we are able to nurture this culture will determine our success as stewards of capital and as colleagues.

Last year was not only challenging but also fruitful for Rondure. Performance was not where we wanted it to be, a function of swimming against the tide with respect to our process, but also due to analytical mistakes. Our quarterly letter provides more insight on this.

Despite this, we begin 2024 with a great deal of optimism and enthusiasm for what may be the start of increased investor interest in emerging markets after many years of underperformance versus US markets. Since the Global Financial Crisis (GFC) the MSCI Emerging Markets Index has outperformed the S&P 500 only four times in fifteen years: 2009, 2010, 2012, and 2017, and the cumulative total fifteen-year return for the emerging markets index is just 52% compared to 461% for the S&P 500. Where to from here? A peak in the US rate cycle combined with a weakening dollar has historically provided a tailwind for EM. The US Dollar Index (USDX), that averages the exchange rates between the USD and major world currencies, peaked in November of 2023.

To state the obvious, Rondure operates in a highly competitive industry. Passive investments continue to take share from active managers, fee compression is persistent, and machine learning (AI) is accelerating the ability to assimilate information and make more rapid investment decisions. I have always described being a research analyst as “drinking from a fire hose” in terms of information flow. I do not think that accurately describes how it will be when AI becomes an integral part of the investment process industry wide. I am working on a new analogy. Suggestions welcome.

Given the above, Rondure’s success depends on our ability to stand out, to differentiate ourselves from our competitors. We must position ourselves as a niche provider of intellectual property that leads to superior investment decisions and thus risk-adjusted returns. To this end, we made two strategic decisions during 2023. The first decision, made early in 2023, was to open a research hub in Irvine, California headed by our Chief Investment Officer, Blake Clayton. Institutions of higher learning are ubiquitous, providing Rondure with a robust and diverse talent pool with the skills we are looking for. Our goal is to hire at least two junior analysts, preferably with foreign language skills, to add depth and breadth to our investment team. A larger team will allow us to have more face-to-face, in country meetings with the companies in which we invest.

The second decision was made toward the end of the year after much careful consideration. We have decided to close our Overseas Fund that invested in developed markets. Weighing the pros and cons, it became apparent that this is the best course of action for the survival and future growth of the firm. There were many factors that led to this decision. Since the launch of the Fund in 2017, the Fund’s assets have consistently been insufficient to generate the necessary fees to cover the Fund’s expenses above the expense cap. At its peak, assets in the Fund amounted to around $30mm. We have made significant efforts for several years to raise assets in the Fund, but those efforts have been especially challenging due to the difficult performance environment for the Fund’s investment strategy together with investor concerns regarding the size of the Fund. So, we bid farewell to developed market investing. We are excited because the closure of Overseas leaves Rondure wholly focused on emerging markets. Concentrating our research effort entirely on the New World Fund and other types of emerging market portfolios allows us to strategically position ourselves in a niche asset class that is least vulnerable to passive investing. We know we can contribute meaningfully to the industry dialogue.

We are in good shape financially. The substantial cost savings garnered from the closure of Overseas will allow us to invest in human resources as noted above. In addition, our investment team has been willing to defer compensation in order to invest in our future success. We are committed to Rondure long term.

We have a wonderful team at Rondure and a supportive partner in Grandeur Peak. As many know, the latter has run a successful asset management firm for more than a decade now, and we look to them for their insights and wisdom. We have a great deal of work to do in 2024 as we navigate the inevitably volatile markets for our clients. We have one goal in mind: To serve.


Investors should consider the investment objectives, risks, and charges and expenses of the Fund(s) before investing. The prospectus {and, if available, the summary prospectus,} contains this and other information about the Fund(s) and should be read carefully before investing. The prospectus may be obtained at 855.775.3337 or

The objective of all Rondure Global strategies is long-term growth of capital. There is no assurance that the objective will be achieved.

The information contained herein, including any opinion, is expressed as of the date hereof and is subject to change. Rondure Global assumes no obligation to update or otherwise revise the foregoing information.

An investor should consider investment objectives, risks, charges and expenses carefully before investing. Past performance is not a guarantee of future results.

In addition to the risks generally associated with investing in securities of foreign companies, countries with emerging markets also may have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues.”

MSCI EM is the MSCI Emerging Markets Index, which captures large and mid cap representation across 26 Emerging Markets (EM) countries.

CFA® is a trademark owned by CFA Institute. The Chartered Financial Analyst (CFA) designation is issued by the CFA Institute. Candidates must meet one of the following prerequisites: undergraduate degree and four years of professional experience involving investment decision-making, or four years of qualified work experience (full-time, but not necessarily investment related). Candidates are then required to undertake extensive self-duty programs (250 hours of study for each of the three levels) and pass examinations for all three levels.

Rondure Global Advisors, LLC and ACA Foreside are not affiliated with Northern Lights Distributors, LLC.

“Rondure Mutual Funds is distributed by Northern Lights Distributors, LLC, Member FINRA/SIPC.”