Pick: Trinity Limited
Even in a hot category, Roger Edgley scores high: The Wasatch Emerging Markets Small Cap Fund (WAEMX), which he manages, ranks in the top percentile for the past three years, with an average annualized return of 24.2%, according to Morningstar. Trinity, a Chinese men's wear retailer whose shares are listed in Hong Kong and controlled by the respected Li & Fung Group, is precisely the sort of outfit Edgley likes: a well-run company in a niche market with room to expand. Trinity operates 500 stores and markets high-end brands like Salvatore Ferragamo. With sales approaching $400 million and net profit margins around 20%, it's growing fast, yet its shares trade at just 16 times 2012 forecast earnings. Even if the Chinese economy falters, Edgley figures Trinity's revenues will rise by 15% to 20% over the next three to five years, with profits increasing even faster. "Consumer spending in China as a percentage of GDP is way too low," he says. Trinity, he adds, is a rare combination: a high-quality company with long-term exposure to China.
--A.F.
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