Investing With Perspective.
As a focused emerging market equity boutique, we aim to deliver sustainable, long-term returns for institutional and family office clients. We safeguard and grow capital through a disciplined, research-driven process rooted in stewardship, integrity, and global insight.
Who We Are
We are guided by the following principles:
1
A clear philosophy that capitalises on market inefficiencies and investor behaviours
2
A durable, consistent investment process designed to avoid bias and capture intrinsic value
3
Team-based discipline to make better decisions for stronger outcomes
4
A single, aligned investment programme executed with focus
Our Investment Philosophy
Cape Ann’s philosophy is rooted in intrinsic value — specifically adapted to the unique characteristics of emerging markets. We exploit volatility, inefficiency, and behavioural biases while mitigating our own.
Emerging markets present rich opportunities made possible by:
Market volatility
Political and economic swings create frequent dislocations, offering disciplined investors the chance to buy undervalued companies and avoid overpriced ones.
Earnings dispersion
Wide variations in corporate performance enhance opportunities for deep fundamental analysis to identify quality businesses at fair valuations.
Share price swings
Exaggerated share price action disconnected from underlying business fundamentals allows our disciplined investors to buy at attractive entry points and benefit from mean reversion.
Behavioural inefficiencies
Loss aversion, anchoring, and herd behaviour often create extended mispricing. Recognising these dynamics enhances long-term returns.
Our Investment Process
We invest with discipline and depth, guided by fundamental, bottom-up research and a commitment to long-term value.
Our process is designed to be rigorous, consistent and repeatable:
Discover
Identify opportunities across emerging markets, unconstrained by index or geography.
Evaluate
Conduct deep fundamental analysis through a strategic lens.
Steward
Build differentiated portfolios with disciplined risk oversight.
Monitor
Maintain ongoing assessment and macro risk control.
Our process allows us to be contrarian, uncovering opportunities others overlook. We combine rigorous analysis with cultural and local insights. Our investment professionals do not just study data — they visit markets, interpret regulatory landscapes, and assess governance and growth dynamics first-hand. This immersive approach enables us to move beyond headlines and focus on what truly matters for long-term performance.
A disciplined buy-and-sell framework ensures capital is continually redeployed into the most compelling opportunities.
Meet Our Team
Our seasoned team averages 17 years of emerging market experience. Built on deep market knowledge and cultural fluency, our collective perspectives strengthen analysis and support our pursuit of long-term value.
Jonathan Bell
Founder & Chief Investment Officer
Jacqueline Mantle
Investment Manager
Rainer Tilk
Investment Manager
Ivana Vilicnik
Investment Manager
Philip Tingle
Investment Manager
Clint Johnston
Investment Manager
Ling Xie
Investment Analyst
Suraj Yadav
Investment Analyst
Marissa Blankenship
Head of Stewardship and Engagement
From offices in London and Massachusetts, we serve clients across jurisdictions. This global reach, paired with local insights, enables nuanced understanding of regional dynamics while maintaining a unified, disciplined approach.
Our Values
We are independently owned, with working-partners investing alongside our clients — ensuring full alignment of interests. We measure success in decades, not quarters.
We uphold the highest standards of governance across jurisdictions, treating client capital with the same care as our own. Beyond financial alignment, we partner with institutions that share our belief in stewardship and responsible growth.
Our Origin
Following a tradition with Silchester Associates, founder Jonathan Bell chose Cape Ann — the place of his family’s roots. Located north of Boston, the granite-strewn cape is home to America’s oldest seaport, Gloucester.
We see in the fishermen of Cape Ann the qualities essential to investment success: tenacity, endurance, ingenuity, caution, and curiosity. Just as fishing crews must continually work despite unpredictable seas, disciplined investors must apply consistent effort in the face of volatile markets.
We welcome conversations with institutions and family offices seeking a dedicated, long-term partner. Our promise is principled stewardship, attentive service, and a lasting commitment to your capital.