The Cusana investment management team focuses on investments in emerging markets, as investment manager for Sector Global Emerging Markets Fund and Sector Emerging Markets Equities. Investments are long-term and held in highly researched portfolios which are constructed without reference to the benchmark but with a strong focus on ESG credentials at each stage of the investment process.

Cusana Capital LLP is incorporated in England and the registered office is at 2nd Floor, Heathmans House, 19 Heathmans Road, London, United Kingdom SW6 4TJ.

The Cusana team is led by Robert Marshall-Lee who has 20 years of experience of investing in Emerging Markets having founded the Emerging Markets franchise at BNY Mellon/Newton in 2011.

The Cusana team is made up of:

Robert Marshall-Lee, Founding Partner, Chief Investment Officer
Ben Smith, Lead Analyst
Trygve Toraasen, Partner
Jos Trusted, Founding Partner, Chief Executive Officer

Sustainability Approach


As long-term investors, the sustainability of each company is integral to our assessment of its intrinsic value. We therefore place great emphasis on ESG considerations as part of a holistic analysis in combination with financial metrics. Indeed, a thorough analysis of one cannot exist without a solid understanding of the other. Cusana exercises judgment and experience to ensure that the portfolio’s investee companies are managed responsibly and in the interests of all shareholders. We seek to invest in businesses that will be good stewards of our clients' capital and will positively contribute to the societies in which they exist.


We believe that a principles-based approach enables Cusana to better assess highly complex issues for which available data may be inadequate or even misleading. Principles aid our judgment, so that we do not become lost in well-meaning but misguided quantification. Our principles guide us to invest in a manner that prioritises ESG in substance, rather than being lost in a process of metric computation, false precision and box-ticking.


Whilst implicitly at the heart of most of what we do at Cusana, ESG is also explicitly integrated into the Cusana investment process. First, Cusana excludes businesses with revenue from the following activities: adult entertainment; armaments; gambling; tobacco; thermal coal. More significantly, all existing and prospective holdings in the Cusana portfolio are assessed against a detailed investment checklist, many sections of which relate to ESG factors. From this checklist, the investment team highlight the most material considerations. Corporate governance is always of great importance to the investment thesis.


The investment industry is key to driving behavioural change, as it can direct the flow of capital to good actors and conversely divert it away from the bad actors. We will therefore actively engage with our investee companies where we perceive their activities fail to consider fully the impact of sustainability as it is a risk to shareholder value. We often invest in small and mid-cap companies which are not yet best-in-class, but which we can help to guide on that journey. Engagement is therefore a fundamental part of the Cusana process.

Responsible investments and SFDR disclosures

SFDR-related disclosures applicable for Cusana Capital are available here.

For more information on Cusana, please visit their website