Actively navigating EM equities

The case for Emerging Market Equities

Varun and Archie discuss the case for emerging market equities. The past decade could be characterised as more risk than return for emerging markets. But that may be about to change, with policy change in China is the key to unlocking it all.

EM Perspectives: takeaways from our annual seminar

With emerging markets returning to the agenda of many of the world’s biggest asset allocators, our annual two-day investor workshop has made a timely return.

Navigating a volatile Chinese equity market

Chinese equities are volatile but increasing pockets of value have emerged. We believe the asset class is well placed to rally once corporate earnings bottom and the market understands that economic growth remains a priority.

Supply chain implications

Lockdowns in China, and to a lesser extent the war in Ukraine, are exacerbating supply chain constraints. 4Factor analysts discuss how the technology and industrials sectors are navigating this disruption, the implications for earnings and possible beneficiaries.

7 minutes

EM equities: a decade of transformation

Emerging markets have changed dramatically over the last decade, resulting in a more diverse and higher-quality asset class. The team discusses how this evolution has transformed the investment landscape.

EM equities: five factors point to a rebound

Over recent years, the EM equity asset class has seemed to reach a turning point on more than one occasion, only for hopes to be dashed. After several false dawns, this analysis assesses the critical factors that could support EM returns relative to developed markets.

India: a powerhouse in the spotlight

India, alongside China, now represents nearly half of the EM equity universe. While structural trends favour Indian equities in the long term, higher equity valuations mean a selective approach is more crucial than ever.

China A shares are back

Wenchang Ma and Joanna Yang, Portfolio Managers, sit down to discuss China A shares following a strong start to 2024.

10 minutes

Q&A with Varun Laijawalla: eyeing the EM opportunity

We sat down with Ninety One’s co-Portfolio Manager of the Emerging Markets Equity Strategy, Varun Laijawalla, to address some of the recent questions from allocators on how and where to find alpha in emerging markets.

Notes from the road: A new phase for China’s property market

China’s primary property sales remained weak through 2023 and into 2024, especially in lower-tier cities. The success of new property stimulus measures, urban village renewal and affordable housing initiatives depends on execution and buyer sentiment. Read the team’s latest views following a recent research trip across China.

A new capex supercycle: driving powerful and transformative growth

Over the next decade a combination of the energy transition, nearshoring, geopolitics, demographics, technology, and public investment spending could trigger a capex supercycle that would see capex growing 2-3 percentage points faster than global GDP.

Notes from the road: Can Value-up nourish the Seoul?

Most companies are adopting a wait-and-see approach as the government considers measures to incentivise improved shareholder returns through its ‘Corporate Value-up’ programme.

Emerging market volatility shifts lower

After a lacklustre decade of returns in emerging market equities, reviewing the structural potential for the asset class drove many allocation discussions throughout 2023. But the diversifying potential of EM equities proved a sticking point. Three main objections are often raised and this analysis reviews each in turn.

Emerging markets: favourable currents strengthening beneath choppy waters

At a global level, the path immediately ahead could be choppy. But beneath the surface, currents that favour emerging markets are gathering force, explain Victoria Harling, Varun Laijawalla and Grant Webster.

Are the dark clouds starting to part?

With 2023 falling short of expectations in terms of a recovery for emerging markets equities, Archie Hart explains the need for caution in the coming months, but remains optimistic on a 1- or 2-year view, given that the building blocks for a turnaround are beginning to fall in place.

China may emerge from the doldrums

After a challenging year, Wenchang Ma sees brighter prospects for Chinese equities in 2024, with weak sentiment providing an entry point to invest in some of the world’s most attractive companies.

Global Insights 2023

2023 has been a year of defining change, with much of the world adapting to higher interest rates. See below for key takeaways from the sessions with our portfolio managers.

Notes from the road: Chinese companies seeking growth in the face of weakness

On a recent trip to China, 4Factor Analyst Alec So visited eight companies across five cities and walked away more optimistic about the prospects for quality companies, despite the backdrop.

Notes from the road: Macau has finally come back to life

Macau was devastated by the pandemic, with a lack of visitors decimating its gaming revenues. Investor sentiment took a similar dive, but things appear to be improving. Joanna Yang visited the region to find out more.

Notes from the road: India’s sleeping cat…has become a roaring tiger

A recent visit to India confirmed that the country is in a good place; the economy is strong, concrete is being poured and sentiment is generally upbeat. It occurred to us that India might be following China’s growth trajectory.

The case for Emerging Market Equities

Varun and Archie discuss the case for emerging market equities. The past decade could be characterised as more risk than return for emerging markets. But that may be about to change, with policy change in China is the key to unlocking it all.

EM Perspectives: takeaways from our annual seminar

With emerging markets returning to the agenda of many of the world’s biggest asset allocators, our annual two-day investor workshop has made a timely return.

Navigating a volatile Chinese equity market

Chinese equities are volatile but increasing pockets of value have emerged. We believe the asset class is well placed to rally once corporate earnings bottom and the market understands that economic growth remains a priority.

Supply chain implications

Lockdowns in China, and to a lesser extent the war in Ukraine, are exacerbating supply chain constraints. 4Factor analysts discuss how the technology and industrials sectors are navigating this disruption, the implications for earnings and possible beneficiaries.

7 minutes

EM equities: a decade of transformation

Emerging markets have changed dramatically over the last decade, resulting in a more diverse and higher-quality asset class. The team discusses how this evolution has transformed the investment landscape.

EM equities: five factors point to a rebound

Over recent years, the EM equity asset class has seemed to reach a turning point on more than one occasion, only for hopes to be dashed. After several false dawns, this analysis assesses the critical factors that could support EM returns relative to developed markets.

India: a powerhouse in the spotlight

India, alongside China, now represents nearly half of the EM equity universe. While structural trends favour Indian equities in the long term, higher equity valuations mean a selective approach is more crucial than ever.

China A shares are back

Wenchang Ma and Joanna Yang, Portfolio Managers, sit down to discuss China A shares following a strong start to 2024.

10 minutes

Q&A with Varun Laijawalla: eyeing the EM opportunity

We sat down with Ninety One’s co-Portfolio Manager of the Emerging Markets Equity Strategy, Varun Laijawalla, to address some of the recent questions from allocators on how and where to find alpha in emerging markets.

Notes from the road: A new phase for China’s property market

China’s primary property sales remained weak through 2023 and into 2024, especially in lower-tier cities. The success of new property stimulus measures, urban village renewal and affordable housing initiatives depends on execution and buyer sentiment. Read the team’s latest views following a recent research trip across China.

A new capex supercycle: driving powerful and transformative growth

Over the next decade a combination of the energy transition, nearshoring, geopolitics, demographics, technology, and public investment spending could trigger a capex supercycle that would see capex growing 2-3 percentage points faster than global GDP.

Notes from the road: Can Value-up nourish the Seoul?

Most companies are adopting a wait-and-see approach as the government considers measures to incentivise improved shareholder returns through its ‘Corporate Value-up’ programme.

Emerging market volatility shifts lower

After a lacklustre decade of returns in emerging market equities, reviewing the structural potential for the asset class drove many allocation discussions throughout 2023. But the diversifying potential of EM equities proved a sticking point. Three main objections are often raised and this analysis reviews each in turn.

Emerging markets: favourable currents strengthening beneath choppy waters

At a global level, the path immediately ahead could be choppy. But beneath the surface, currents that favour emerging markets are gathering force, explain Victoria Harling, Varun Laijawalla and Grant Webster.

Are the dark clouds starting to part?

With 2023 falling short of expectations in terms of a recovery for emerging markets equities, Archie Hart explains the need for caution in the coming months, but remains optimistic on a 1- or 2-year view, given that the building blocks for a turnaround are beginning to fall in place.

China may emerge from the doldrums

After a challenging year, Wenchang Ma sees brighter prospects for Chinese equities in 2024, with weak sentiment providing an entry point to invest in some of the world’s most attractive companies.

Global Insights 2023

2023 has been a year of defining change, with much of the world adapting to higher interest rates. See below for key takeaways from the sessions with our portfolio managers.

Notes from the road: Chinese companies seeking growth in the face of weakness

On a recent trip to China, 4Factor Analyst Alec So visited eight companies across five cities and walked away more optimistic about the prospects for quality companies, despite the backdrop.

Notes from the road: Macau has finally come back to life

Macau was devastated by the pandemic, with a lack of visitors decimating its gaming revenues. Investor sentiment took a similar dive, but things appear to be improving. Joanna Yang visited the region to find out more.

Notes from the road: India’s sleeping cat…has become a roaring tiger

A recent visit to India confirmed that the country is in a good place; the economy is strong, concrete is being poured and sentiment is generally upbeat. It occurred to us that India might be following China’s growth trajectory.

The case for Emerging Market Equities

Varun and Archie discuss the case for emerging market equities. The past decade could be characterised as more risk than return for emerging markets. But that may be about to change, with policy change in China is the key to unlocking it all.

EM Perspectives: takeaways from our annual seminar

With emerging markets returning to the agenda of many of the world’s biggest asset allocators, our annual two-day investor workshop has made a timely return.

Navigating a volatile Chinese equity market

Chinese equities are volatile but increasing pockets of value have emerged. We believe the asset class is well placed to rally once corporate earnings bottom and the market understands that economic growth remains a priority.

Supply chain implications

Lockdowns in China, and to a lesser extent the war in Ukraine, are exacerbating supply chain constraints. 4Factor analysts discuss how the technology and industrials sectors are navigating this disruption, the implications for earnings and possible beneficiaries.

7 minutes

Actively navigating EM equities

Varun Laijawalla

Actively navigating EM equities

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Authored by

Varun Laijawalla

Portfolio Manager

Related insights

EM equities: a decade of transformation

EM equities: five factors point to a rebound

India: a powerhouse in the spotlight

China A shares are back

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