Ninety One is a global asset management firm with c£177bn of assets under management (AuM) across a wide range of equity, fixed income and multi-asset products, serving both retail and institutional investors. In part due to an improvement in sentiment towards emerging markets, the shares have outperformed the sector over the past 12 months. With indications that the current positive momentum in net flows is likely to continue, we see the current valuation as undemanding, especially considering ....