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very nice and very interesting. i hate seeing proofreading errors in these things, however, and find them oddly disconcerting; ie, "We also expect to close the Emerging Markets Opportunities Fund quite small (around $200M)." i believe he meant 'keep', not 'close'.
No, he meant CLOSE. Grandeur Peak is true small cap investing and so the funds will likely stay under $1B average/median market cap. The EM fund will close at $200M in assets.
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Good luck!