In the long term, growth in emerging economies will be contingent on their ability to innovate and shift away from an externally driven growth model to one fueled in part by local consumption.

FORBES: World Bank: The Rise of the BRIICS A Harbinger Of A New World Economic Order

For a great many years evolution was conceived as being driven externally by environmental pressures and internally by mutations in DNA. Mutations in the DNA created genetic diversity and when there were changes in the environment, those animals with the mutated DNA were sudden in a more favorable position.

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"There were a number of externally managed accounts that were terminated or resized to optimize for the best mix of strategies for the portfolio driven by HMC's management team, " says Mendillo.

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