Denker Capital Global Financial Fund: Finding opportunities across global financial markets

And essentially what we do in global financials over the years, we've built up this expertise and knowledge of the sector.

And so we go around the world, literally following our research, finding companies, looking for companies who have got a good track record and inevitably find there's a good team at the top.

So you go and meet those teams and the CEOs and try and listen to them, what they say, read up on the track records.

And above all, when the valuation is attractive, we invest.

So that's actually led to quite a large diversification in the fund, which is very important in terms of the volatility and what we're seeing.

But at the moment, the US is still dominant in the fund.

But then the spread is quite wide.

Europe, UK, we've reduced quite a bit.

We'll talk about that later.

But then Eastern Europe is still a big focus, largely because of still the strong growth, still the good valuations.

And then gradually over time, we always try in the emerging markets LATAM, we've been in Brazil, we saw our investment in Brazil, in Mexico, very good growth in earnings and good returns on capital.

And Ben and myself are on our way a few weeks time to Uzbekistan, Kazakhstan, Georgia, just to reconnect with those.

So this is quite a big spread, both geographically and also in terms of banks, insurers, debt collectors, exchanges.

And so people always see it just as a bank's fund, which is not true.

Yeah, and I looked this morning and I think it's something like 22 countries you're invested or companies that you own across 22 different jurisdictions or countries.

So that's strong in terms of diversity.

Okay.

I mean, you've been doing this a long time now, Koki, how many, 30 odd years or something?

Yeah, I had to talk the other day and I told him about my first days when you still went into a bank branch where there were just rows of tellers.

physically taking deposits and the bank would close at three o'clock and the guys could go and reconcile afterwards.

And that just shows you a lot of people are now worried about digitalization, about AI, about blockchain, stablecoin, a good management team just adapts as the world changes.

And the good guys, the really good guys, and that's why the Rusty example is so good.

The really good guys just continuously change and they push the boundaries in fact, and don't sit back.

So people, the good banks and insurers we talked to are actually using AI at the moment to reduce costs, be more efficient and to generate a better product.

And that's really what is exciting in our, role what we do you have to keep abreast you have to wake up early in the morning