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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.

http://www.bloomberg.com/news/2010-11-07/india-s-deadly-diabetes-scourge-cuts-down-millions-rising-to-middle-class.html

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Submitted by: John Roscoe, CFA – Portfolio Manager

 


 

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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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