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Current Views

November 24, 2010: Emergence of a Middle Class in Developing Economies

One of our current investment themes is the emergence of a middle class in developing economies where five to ten years ago the vast majority of people were either very wealthy or very poor. As a result of this societal change, there is a growing cohort of consumers that have disposable income, utilize new technologies (cars, mobile phones, internet), and are experiencing a host of other changes as well, some of which are not so obvious or benign. A current holding in the portfolio addresses one of the downsides of societal change, brought about by the much greater availability of foods richer in fat, sugar, and a higher consumption of calories in general. These dietary changes are often accompanied by a shift from manual labor such as farming to employment in an office or manufacturing facility. The combination of these two trends has created an unfortunate epidemic of obesity, which is usually a precursor to an increased incidence of diabetes. Our portfolio holding is a Danish pharmaceutical company which is the leading provider of insulin and other products used in the treatment of diabetes. The link below is to an article discussing this trend in India.


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Submitted by: John Roscoe, CFA – Portfolio Manager



This information is intended solely to report on investment strategies and opportunities identified by Roosevelt. Opinions and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. This material is not intended as an offer or solicitation to buy, hold or sell any financial instrument. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Please contact us at 646-452-6700 if there is any change in your financial situation, needs, goals or objectives, or if you wish to initiate any restrictions on the management of the account or modify existing restrictions, or if you would like to request a copy of our Code of Ethics. Our current disclosure statement is set forth on our Form ADV Part II, available for your review upon request, and on our website, www.rooseveltinvestments.com.

Past performance is not a guarantee of future results. Indices are unmanaged and cannot accommodate direct investment. Themes assigned as per Roosevelt Investments’ evaluation. Risk tools may include cash or other securities that we believe possess a low or inverse correlation to the overall market.


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The Roosevelt Investment Group, Inc. is an independent investment management firm that is not affiliated with any parent organization. The Roosevelt Investment Group, Inc. manages equity, fixed income, and balanced assets for primarily U.S. clients. The Roosevelt Investment Group, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission and notice filed in all 50 states.

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