In 1996, James A. Harmon stepped down as Chairman and CEO of Schroder Wertheim, an international investment banking and asset management firm, to accept the call of public service and to take the leadership of the Export-Import Bank of the United States (“Ex-Im Bank”) as its Chairman and President. Within three months of his confirmation by the US Senate, Asia suffered one of its worst financial crises which would mark the beginning of Mr. Harmon’s journey to research the risks and opportunities in the Emerging and Frontier Markets. During his term at Ex-Im Bank, Mr. Harmon traveled to over 72 countries, primarily in the developing world. From his travels, two things became obvious: 1) Emerging Markets have an incredibly capable human capital base who are educated in the best schools across the world and are key players in the transformation of their respective countries, and 2) Emerging countries were poised to become the key growth engine for the world, with a massive consumer base of 5.6 billion people or 84% of the world’s population*.

Given this premise and Mr. Harmon’s vision, the Caravel Fund was launched on October 1, 2004 to invest principally in publicly traded equities in Emerging markets and in Frontier markets that are demonstrating signs of change, reform and growth.  The Fund is unique in its dedication to the non-BRIC (Brazil, Russia, India and China) Emerging and Frontier universe and its genuinely long-term performance horizon.

 *Source: 2008 statistics based on data from International Monetary Fund (IMF)