We are pleased to introduce Goldman Sachs Emerging Markets Equity Portfolio to the Academy of Funds with an A Rating. We have been impressed with the two co-managers, Mr Hiren Dasani and Ms Basak Yavuz, since they took charge of this strategy in April 2017. The pair are experienced investors and they have sensibly continued to apply the successful investment process that was put in place by their predecessor. In addition, we have a high regard for the capability of the extensive analyst team, which is a crucial feature in a region where markets can be influenced by a host of factors. Stock contribution is expected to be the key driver of the fund's performance over the long term, as it is the primary focus of the two managers and a key attraction of this strategy. Investing in emerging markets is not without risks, but we see this fund as a sound long-term option for investors who are seeking broad exposure to the asset class and we think it will appeal to those who are looking for a more "blended" style of management, that will sit nicely between their value and growth choices.