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Freedom 100 Emerging Markets Index

A freedom-weighted emerging markets equity strategy

Investment Philosophy


Quantitative personal and economic freedom metrics are primary allocation drivers in our investment process.

Top-down approach

Because governments are best positioned to protect freedom, freedom metrics are most effectively captured on the country level.

Comprehensive freedom metrics

Freedoms are interconnected. Civil, political, and economic freedoms work together and should be measured as a composite.


State owned enterprises are less efficient than private companies, even in freer markets.

Freedom makes better markets

Freer markets grow more sustainably, experience faster recovery, and use their labor and capital more efficiently.

Investment process

Starting Universe = 24 Emerging Market Countries

Country Level Market Capitalization Screen

Freedom Weighted Country Allocation

Security Selection ex-SOEs




  • Violent conflict

  • Internal organized crime

  • Terrorism

  • Disappearances

  • Detainments 

  • Torture

  • Women's freedoms

  • Rule of law

  • Due process

  • Judicial independence

  • Plurality of political parties

  • Freedom of movement

  • Freedom of expression

  • Freedom of religion

  • Freedom of the press

  • Freedom of assembly

  • Freedom of association

  • Internet freedom


  • Legal system and property rights

  • Soundness of monetary policy

  • Freedom to trade internationally

  • Business, credit, and labor regulations

  • Level of government interference in private markets


Data provided by Fraser Institute and Cato Institute. 

Data usage does not imply endorsement of any investment product. All data used with permission. 

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