27 September 2021
Techtronic Industries is the world’s leading tools company, with a portfolio of brands that includes Milwaukee, Ryobi, AEG, Vax and Hoover. The company is listed and headquartered in Hong Kong, with production spread across emerging markets and the US. Company revenue has increased by an average +13% p.a. since the GFC and net profit growth is even more impressive at +26% p.a. over the same period. The stock has increased some +620% before dividends since it first entered Northcape’s Global Emerging Markets portfolios in 2014 and is currently one of the Warakirri Global Emerging Markets Fund’s larger positions.