In the long term, growth in emerging economies will be contingent on their ability to innovate and shift away from an externallydriven growth model to one fueled in part by local consumption.
For a great many years evolution was conceived as being drivenexternally 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.
"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.