Q&A with Varun Laijawalla: eyeing the EM opportunity

Notes from the road: Real Estate in Central and Eastern Europe

COVID-19 and aggressive interest rate hikes over 2022 have weighed heavily on listed property domestically and abroad. Late in June, Luqman Hamid travelled to Central and Eastern Europe, where some of the SA benchmark heavyweights have made investments. These are his notes from the road.

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.

Notes from the road: scratching beneath the surface

China’s economic recovery has been tepid at best, with macro data weaker than expected. But what’s actually happening on the ground? Mendy Zhang shares some of her observations from her recent visit.

Unblocking Indonesia’s logistics logjam

The high cost of shipping materials and goods around Indonesia – a country comprising more than 17,000 islands – is putting a brake on the development of the e-commerce sector. The largest Indonesian e-commerce player is innovating to break the logistics logjam, and in doing so extend its market leadership.

Notes from the road - Why investors should take heart from a ‘sober’ gold-sector gathering

Gold is at record highs. Yet attendance at the biggest annual gold-industry conference was well below average and the mood was subdued. This says something useful about the mindset in the gold sector – and what investors can expect from here.

Notes from the road – Brazil’s corporate credit market

While opportunities abound for investors, Kevan Flynt Salisbury finds that selectivity is increasingly key in this evolving investment landscape.

Notes from the road – Quality pays in Mexico’s corporate credit market

A research trip to Mexico by analyst Antonio Luiz Gomes highlights favourable dynamics – at home and abroad – that are lifting some of Mexico’s leading companies to create compelling corporate credit investment opportunities.

Notes from the road – Central and Eastern Europe is ripe for relative-value investing

Roger Mark shares insights gained from his recent trip to Central and Eastern Europe, where broad macroeconomic trends appear positive. An increasingly diverse outlook for monetary policy, coupled with country-specific dynamics, creates a rich hunting ground for active investors.

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.

Notes from the road: something for everyone in Latin America

Whether it’s the strong structural story of Brazil or the alpha potential from Argentina’s reforming economy, Nicolas Jaquier finds a compelling case for these two contrasting debt markets.

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.

Notes from the road: What the US election means for investors in decarbonisation

The US Presidential election is likely to be contested by candidates with starkly different stances on climate. What does the November poll mean for investors in the global decarbonisation opportunity?

Notes from the road: What hyper-competition means for China clean-tech

Analyst Yunli Liu returns to his home country to see for himself what business conditions are like and try to separate sentiment from fundamentals.

Notes from the road: Egypt

Thys Louw shares insights gained from a recent trip to Cairo, where various factors appear to be aligning to suggest a brighter future for the Egyptian economy.

Notes from the road: Africa Private Credit | Top five questions from institutional investors

Ninety One’s PM Kobi Sam recently spent time in the US meeting with allocators and consultants to discuss the dynamics and appeal of investing in Africa. He addresses five most common questions asked during the visit.

Notes from the road: India gears up for a greater global role

Mark Evans’ latest trip to India confirms a positive and stable economic picture, with impressive growth looking set to continue. With index inclusion imminent, Indian fixed income assets are poised (deservedly) for a bigger role in investors’ portfolios.

Notes from the road: driving financial inclusion in Brazil

Lack of access to the financial system limits the life chances of many people in the emerging world, and economic development more broadly. For a select group of companies, enabling financial inclusion is both a structural-growth tailwind and an impact opportunity.

Notes from the road: Takeaways from the EM debt team’s recent road trips

Our EM debt team travelled far and wide in September, visiting 12 emerging markets across the globe. Read their takeaways here.

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: Real Estate in Central and Eastern Europe

COVID-19 and aggressive interest rate hikes over 2022 have weighed heavily on listed property domestically and abroad. Late in June, Luqman Hamid travelled to Central and Eastern Europe, where some of the SA benchmark heavyweights have made investments. These are his notes from the road.

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.

Notes from the road: scratching beneath the surface

China’s economic recovery has been tepid at best, with macro data weaker than expected. But what’s actually happening on the ground? Mendy Zhang shares some of her observations from her recent visit.

Unblocking Indonesia’s logistics logjam

The high cost of shipping materials and goods around Indonesia – a country comprising more than 17,000 islands – is putting a brake on the development of the e-commerce sector. The largest Indonesian e-commerce player is innovating to break the logistics logjam, and in doing so extend its market leadership.

Notes from the road - Why investors should take heart from a ‘sober’ gold-sector gathering

Gold is at record highs. Yet attendance at the biggest annual gold-industry conference was well below average and the mood was subdued. This says something useful about the mindset in the gold sector – and what investors can expect from here.

Notes from the road – Brazil’s corporate credit market

While opportunities abound for investors, Kevan Flynt Salisbury finds that selectivity is increasingly key in this evolving investment landscape.

Notes from the road – Quality pays in Mexico’s corporate credit market

A research trip to Mexico by analyst Antonio Luiz Gomes highlights favourable dynamics – at home and abroad – that are lifting some of Mexico’s leading companies to create compelling corporate credit investment opportunities.

Notes from the road – Central and Eastern Europe is ripe for relative-value investing

Roger Mark shares insights gained from his recent trip to Central and Eastern Europe, where broad macroeconomic trends appear positive. An increasingly diverse outlook for monetary policy, coupled with country-specific dynamics, creates a rich hunting ground for active investors.

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.

Notes from the road: something for everyone in Latin America

Whether it’s the strong structural story of Brazil or the alpha potential from Argentina’s reforming economy, Nicolas Jaquier finds a compelling case for these two contrasting debt markets.

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.

Notes from the road: What the US election means for investors in decarbonisation

The US Presidential election is likely to be contested by candidates with starkly different stances on climate. What does the November poll mean for investors in the global decarbonisation opportunity?

Notes from the road: What hyper-competition means for China clean-tech

Analyst Yunli Liu returns to his home country to see for himself what business conditions are like and try to separate sentiment from fundamentals.

Notes from the road: Egypt

Thys Louw shares insights gained from a recent trip to Cairo, where various factors appear to be aligning to suggest a brighter future for the Egyptian economy.

Notes from the road: Africa Private Credit | Top five questions from institutional investors

Ninety One’s PM Kobi Sam recently spent time in the US meeting with allocators and consultants to discuss the dynamics and appeal of investing in Africa. He addresses five most common questions asked during the visit.

Notes from the road: India gears up for a greater global role

Mark Evans’ latest trip to India confirms a positive and stable economic picture, with impressive growth looking set to continue. With index inclusion imminent, Indian fixed income assets are poised (deservedly) for a bigger role in investors’ portfolios.

Notes from the road: driving financial inclusion in Brazil

Lack of access to the financial system limits the life chances of many people in the emerging world, and economic development more broadly. For a select group of companies, enabling financial inclusion is both a structural-growth tailwind and an impact opportunity.

Notes from the road: Takeaways from the EM debt team’s recent road trips

Our EM debt team travelled far and wide in September, visiting 12 emerging markets across the globe. Read their takeaways here.

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: Real Estate in Central and Eastern Europe

COVID-19 and aggressive interest rate hikes over 2022 have weighed heavily on listed property domestically and abroad. Late in June, Luqman Hamid travelled to Central and Eastern Europe, where some of the SA benchmark heavyweights have made investments. These are his notes from the road.

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.

Notes from the road: scratching beneath the surface

China’s economic recovery has been tepid at best, with macro data weaker than expected. But what’s actually happening on the ground? Mendy Zhang shares some of her observations from her recent visit.

Q&A with Varun Laijawalla: eyeing the EM opportunity

Varun Laijawalla

Q Given the strong run in Indian equities, do valuations still stack up?

Q The UAE is experiencing tremendous growth – how do you see that playing out?

Q Who stands to benefit from the relocation of global supply chains?

Authored by

Varun Laijawalla

More Notes from the road

Unblocking Indonesia’s logistics logjam

Notes from the road - Why investors should take heart from a ‘sober’ gold-sector gathering

Notes from the road – Brazil’s corporate credit market

Notes from the road – Quality pays in Mexico’s corporate credit market

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