WESTWOOD GLOBAL INVESTMENTS LLC


WGI was founded in 2003 and is independently owned by its founding Principals: Meg Reynolds and Bryan Ward. As of December 31, 2019, WGI managed $11,100,000,000 of assets on a discretionary basis.

WGI is an international investment manager, investing in both developed and emerging markets equities. WGI also engages in foreign exchange (“FX”) transactions to facilitate the settlement of equity trades and repatriation of income. We offer both separately managed and commingled accounts. Accounts may have different strategies, client restrictions and/or varying benchmarks but are all managed with a similar investment process. While WGI’s Fund documents and investment guidelines allow for investments besides equity and FX transactions, WGI's strategies focus on investing in equities across all our portfolios.

WGI is the manager and advisor to the WGI Emerging Markets Fund, LLC, WGI Emerging Markets Smaller Companies Fund, LLC and the WGI Developed Markets Ex-U.S. Fund, LLC. WGI is also the advisor to WGI Emerging Markets Feeder, Ltd (”Feeder”), a Cayman Islands company incorporated in December 2009 which is a feeder fund for the WGI Emerging Markets Fund, LLC. Collectively, these four funds are referred to as the “Funds”. The Funds are open-ended private investment funds. As advisor to the Funds, WGI has exclusive investment authority and is responsible for the management, operation, and policy of the Funds. The Funds are operated to comply with the exemption from registration as an investment company under Section 3(c)(7) of the Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder. The Funds have adopted the same investment process that WGI applies with respect to managed institutional accounts, subject to the strategy and any variations that may arise on account of legal or regulatory constraints, investment objectives, benchmarks, taxation, liquidity, diversification, the amount of funds each has available for such investment, and other factors affecting the Funds or the managed institutional accounts.

WGI is also a sub-advisor to the Northern Trust’s Active M Emerging Equity Fund, which is listed under ticker NMMEX. The Directors of the Feeder are Meg Reynolds and Bryan Ward, who are responsible for the overall investment policies of the Feeder and are also principals of WGI. The Feeder was formed primarily to provide a pooled investment vehicle through which WGI could more efficiently permit offshore and tax-exempt investors participation in WGI Emerging Markets Fund, LLC. The Directors and WGI intend that the Feeder will invest substantially all of its investable assets in membership interests of the WGI Emerging Markets Fund, LLC. ITEM 5 – FEES AND COMPENSATION All fees are subject to negotiation.

The standard management fee schedule for Emerging Markets separate accounts is as follows:

Assets under $50,000,000.00 1.15% Assets between $50,000,000.00 - $100,000,000.00 0.85 of 1% (.0085) Assets over $100,000,000.00 0.75 of 1% (.0075)

The standard management fee schedule for Developed Markets Ex-U.S. separate accounts is as follows:

Assets under $50,000,000.00 0.95 of 1% (.0095) Assets between $50,000,000.00 - $100,000,000.00 0.75 of 1% (.0075) Assets between $100,000,000.00 - $250,000,000.00 0.65 of 1% (.0065) Assets over $250,000,000.00 0.55 of 1% (.0055) Assets over $500,000,000.00 0.45 of 1% (.0045)

The standard management fee schedule for assets in WGI’s commingled accounts is as follows:

WGI Emerging Markets Fund 1.15%

WGI Emerging Markets Feeder 1.15%

WGI Emerging Markets Smaller Companies Fund 1.20%

WGI Developed Markets Ex-U.S. Fund Capital Account Balance Annual Fee % Up to $25,000,000.00 .95 of 1.00% (.0095)

Next $25,000,000.00 - $50,000,000.00 .85 of 1.00% (.0085)

Next $50,000,000.00 - $100,000,000.00 .75 of 1.00% (.0075) Next $100,000,000.00 - $250,000,000.00 .70 of 1.00% (.0070) $250,000,000.00 and above .60 of 1.00% (.0060) ITEM 5 – FEES AND COMPENSATION

The specific manner in which fees are charged by WGI is established in a client’s written agreement with WGI. For separate accounts, WGI will generally bill its fees on a quarterly basis in arrears. Clients are billed directly for fees and may elect to pay Westwood directly or authorize their custodian to directly debit fees from client accounts. Management fees shall be prorated for each capital contribution and withdrawal made during the applicable calendar quarter. Accounts initiated or terminated during a calendar quarter will be charged a prorated fee. For commingled accounts, manager’s fees are charged monthly based on the participants’ month-end value and withdrawn from their accounts as a redemption of units. Unless otherwise notified, the management fees are charged on the participants’ month-end balance prior to contributions and redemptions.

WGI’s fees are exclusive of brokerage commissions, transaction fees, and other related costs and expenses which are paid by the client. Clients may incur certain charges imposed by custodians, brokers, third party investment and other third parties such as fees charged by managers, custodial fees, deferred sales charges, odd-lot differentials, transfer taxes, wire transfer and electronic fund fees, and other fees and taxes on brokerage accounts and securities transactions. Mutual funds and exchange traded funds also charge internal management fees, which are disclosed in a fund’s prospectus. Such charges, fees and commissions are exclusive of, and in addition to, WGI’s fee, and WGI shall not receive any portion of these commissions, fees, and costs. Item 12 further describes the factors that WGI considers in selecting or recommending broker-dealers for client transactions and determining the reasonableness of their compensation (e.g., commissions). ITEM 6 – PERFORMANCE-BASED FEES AND SIDE-BY-SIDE MANAGEMENT WGI does not charge any performance-based fees (fees based on a share of capital gains or capital appreciation of the assets of a client).

ITEM 7 - TYPES OF CLIENTS WGI provides portfolio management services to high net worth individuals, investment companies (including mutual funds), corporate pension and profit-sharing plans, pooled investment vehicles, charitable institutions, foundations, endowments, municipalities, corporations, and other U.S. and international institutions.

The minimum investment for a separate account is $50 million and the minimum investment into a commingled account is $10 million. WGI may, in its sole and absolute discretion, waive or alter such minimum investment amounts at any time.

ITEM 8 - METHOD OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS

WGI principally invests in equity securities of companies operating in both developed and developing world markets. We define developing markets as those countries defined by the World Bank as having low to middle per capita income, those countries with a stock market capitalization of less than two percent (2%) of the Morgan Stanley Capital International World Index (“MSCI”), and those countries that are included within the MSCI Emerging Markets Free Index or MSCI Small Cap Index.

WGI will invest, hold, sell, and otherwise deal in securities and tangible investment instruments including, among others, equities, bonds, warrants, rights, futures contracts, foreign currency contracts, and other securities and instruments that are traded in public markets.

WGI believes that there are significant investment opportunities in global markets that provide attractive long-term absolute returns. WGI uses a bottom-up approach to identify opportunities in both developed and developing world markets. This bottom up approach is driven by management contact, financial statement analysis, and a focus on valuations relative to cash flow and earnings growth. Key criteria are cash flow, earnings growth, balance sheet strength, and returns on capital. We believe that the cost of liquidity is real, but we will invest in companies of all sizes if the return expected is appropriate.
Risk of Loss:
Investing in securities involves risk of loss that clients should be prepared to bear. In addition, investing with WGI may involve the following material risks. Financial Market Fluctuations General fluctuations in the market prices of securities affects the value of the investments held by WGI. Instability in the securities markets may also increase the risks inherent in WGI’s investments. Non-U.S. Investments WGI generally invests in non-U.S. companies. These investments involve special risks not usually associated with investing in securities of U.S. companies or the U.S. government, ITEM 8 - METHOD OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS including political and economic considerations, such as greater risks of expropriation and nationalization, confiscatory taxation, the potential difficulty of repatriating funds, general social, political and economic instability and adverse diplomatic developments; the possibility of imposition of withholding or other taxes on dividends, interest, capital gain or other income; the small size of the securities markets in such countries and the low volume of trading, resulting in potential lack of liquidity and in price volatility; fluctuations in the rate of exchange between currencies and costs associated with currency conversion; and certain government policies that may restrict WGI’s investment opportunities. In addition, because non-U.S. entities are not subject to uniform accounting, auditing, and financial reporting standards, practices and requirements comparable with those applicable to U.S. companies, there are different types of, and possibly lower quality, information available about a non-U.S. company than a U.S. company. There is also less regulation, generally, of the securities markets in foreign countries, than there is in the U.S., and such markets may not provide the same protections available in the U.S. With respect to certain countries, there is the possibility of political, economic or social instability, the imposition of trading controls, import duties or other protectionist measures, various laws enacted for the protection of creditors, and greater risks of nationalization or diplomatic developments which could adversely affect WGI’s investments in those countries. Furthermore, individual economies can differ favorably or unfavorably from the U.S. economy in such respects as growth of gross national product, rate of inflation, capital reinvestment, resource self-sufficiency, and balance of payments position. Emerging Markets Risk WGI will invest in securities of companies based in emerging markets. In addition to the risks described in the preceding paragraph, securities traded in certain emerging markets are subject to risks due to the inexperience of financial intermediaries, a lack of modern technology, the lack of a sufficient capital base to expand business operations, and the possibility of temporary or permanent termination of trading. Political and economic structures in many emerging markets may be undergoing significant evolution and rapid development, and therefore lacking the social, political, and economic stability characteristics of more developed countries. As a result, the risks relating to investments in foreign securities described above are heightened, including the possibility of nationalization or expropriation. Settlement mechanisms in emerging securities markets may be less efficient and reliable than in more developed markets, and placing securities with a custodian or broker-dealer in an emerging country also present considerable risks. The small size of securities markets in such countries and the low volume of trading may result in a lack of liquidity and in substantially greater price volatility. Many emerging ITEM 8 - METHOD OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS market countries have experienced substantial, and in some periods extremely high, rates of inflation for many years. Inflation and rapid fluctuations in inflation rates and corresponding currency devaluations and fluctuations in the rate of exchange between currencies and costs associated with currency conversion have had and may continue to have negative effects on the economies and securities markets of certain emerging market countries. In addition, accounting and financial reporting standards that prevail in certain countries are not equivalent to standards in more developed countries and, consequently, less information is available to investors in companies located in such countries. Developed Countries Risk WGI will invest in securities of companies based in developed countries. Investment in developed country issuers are subject to regulatory, political, currency, security, and economic risk specific to developed countries. Developed countries generally tend to rely on services sectors (e.g., the financial services sector) as the primary means of economic growth. A prolonged slowdown in, among others, services sectors is likely to have a negative impact on economies of certain developed countries. Developed countries may experience significant economic slowdown during financial crises. Certain developed countries have been targets of terrorism. Acts of terrorism in developed countries or against their interests abroad may cause uncertainty in the financial markets and adversely affect the performance of the issuers to which the Fund has exposure. Heavy regulation of, among others, labor and product markets may have an adverse effect on certain issuers. Such regulations may negatively affect economic growth or cause prolonged periods of recession. Many developed countries are heavily indebted and face rising healthcare and retirement expenses. In addition, price fluctuations of certain commodities and regulations impacting the import of commodities can negatively affect developed country economies. Exchange Rate Risk WGI’s assets will be invested in securities denominated in non-U.S. currencies, the price of which is determined with reference to non-U.S. currencies. WGI will, however, value clients’ investments and other assets in U.S. dollars. To the extent unhedged, the value of WGI’s investments will fluctuate with U.S. dollar exchange rates as well as with price changes of WGI’s investments in the various local markets and currencies. Forward currency contracts and options may be utilized by WGI to hedge against currency fluctuations, but WGI is not required to hedge and there can be no assurance that such hedging transactions will be available or, even if undertaken, effective. please register to get more info

Open Brochure from SEC website
Assets
Pooled Investment Vehicles $5,760,883,075
Discretionary $11,096,381,568
Non-Discretionary $
Registered Web Sites

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