Supply chain implications

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.

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.

Sovereign sustainability snapshot: Colombia

Colombia is a pioneer in the sustainable bond market, and its progress on nature and biodiversity is encouraging. But broader sustainability performance is mixed, explains Nicolas Jaquier.

China: Recovery or relapse

China’s equity performance over the past three years has left investors disappointed. However, with the rollout of its most substantial stimulus package in years, it raises the question: should investors reassess their stance on China?

Quality: An evolution of positioning, but not principles

Clyde Rossouw explains why the inherent adaptability of his team’s Quality approach has enabled the constituents of Global Franchise to evolve over time, without compromising their purist quality philosophy.

What the US election means for emerging markets investors

A shift in gear or more of the same? Portfolio managers Archie Hart and Thys Louw consider the implications of Trump’s election victory for emerging markets and discuss what it means for investors.

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.

Actively navigating EM equities

Varun Laijawalla believes an active approach is imperative to investing in emerging markets, which he illustrates by relating to his team’s experiences of investing in two EM powerhouses – India and China.

19 minutes

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.

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.

Sovereign sustainability snapshot: Colombia

Colombia is a pioneer in the sustainable bond market, and its progress on nature and biodiversity is encouraging. But broader sustainability performance is mixed, explains Nicolas Jaquier.

China: Recovery or relapse

China’s equity performance over the past three years has left investors disappointed. However, with the rollout of its most substantial stimulus package in years, it raises the question: should investors reassess their stance on China?

Quality: An evolution of positioning, but not principles

Clyde Rossouw explains why the inherent adaptability of his team’s Quality approach has enabled the constituents of Global Franchise to evolve over time, without compromising their purist quality philosophy.

What the US election means for emerging markets investors

A shift in gear or more of the same? Portfolio managers Archie Hart and Thys Louw consider the implications of Trump’s election victory for emerging markets and discuss what it means for investors.

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.

Actively navigating EM equities

Varun Laijawalla believes an active approach is imperative to investing in emerging markets, which he illustrates by relating to his team’s experiences of investing in two EM powerhouses – India and China.

19 minutes

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.

Supply chain implications

Anton Du Plooy

John Holmes

Anton Du Plooy

Technology Analyst

John Holmes

Analyst

Latest 4Factor insights

Unblocking Indonesia’s logistics logjam

Sovereign sustainability snapshot: Colombia

China: Recovery or relapse

Quality: An evolution of positioning, but not principles

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