So far, 2018 has been a difficult year for emerging market (EM) assets, which in the last few months have fared significantly worse than their counterparts in developed markets. This has been due mainly to worldwide issues but also country-specific political uncertainty. Many investors are now asking if the sell-off... Show More
We have passed the sweet spot in this business cycle, where easy monetary conditions and synchronised growth pushed share markets higher. We are transitioning into a more challenging phase, as China and Emerging Markets (EM) decouple and we are left with a US economy at risk of overheating. Show More
Emerging markets have begun to recover following several years of flat returns following the GFC. Rohit Chopra, Portfolio Manager for the Lazard Emerging Markets Equity Fund, believes that strong company fundamentals and growing economies have created a positive environment for emerging markets equities. Show More
This week it's Emerging Markets sovereign CDS (Credit Default Swaps). The reason why I think this chart is really worth paying attention to is that after reaching a record low in mid-January, there has been a swift reassessment of risk in Emerging Markets. Typically when EM sovereign CDS turns up... Show More
In emerging markets, there’s a small group of Chinese technology businesses that get all the attention. These firms make up a large part of the emerging markets index but offer few opportunities for the contrarian investor. Here, Rohit Chopra from Lazard Asset Management explains where they’re finding opportunities today. Show More
There’s never a dull moment as an emerging markets investor, says Rohit Chopra, Portfolio Manager at the Lazard Emerging Markets Equity Fund. Being successful in emerging markets requires strong conviction, and the patience to ride out volatility. Watch the short video below to hear more. Show More
In his latest investment insight, Rob Lovelace, Vice Chairman of Capital Group, explores the profound changes occurring in global trade and key themes investors should consider. Show More
Macquarie Bank has been betting big on the world’s fastest growing economy, India, through its various infrastructure funds and joint ventures. One example is their recent L1 (highest) bid of $1.94bn for nine road assets under the Toll-Operate-Transfer (TOT) model. This deal is one of the largest FDI in public... Show More
Successful thematic investing is not just about correctly identifying long term structural trends but also positioning yourself early to take advantage of them as they unfold. We have identified several positive structural changes occurring in India that make it a very attractive opportunity for thematic investors. This long-term opportunity drives... Show More
Asian markets have had a very strong year, up 29% year to date in 2017 (in AUD terms). This performance has been driven by a combination of strong earnings growth and moderate multiple expansion. Outstanding market performance in China and India and strong sector performance in the Asian mega-cap technology... Show More
I spent a lot of time in the 2017 End of Year Special Edition looking back across the year, covering some of my best charts and calls (and some of the worst!). But this article provides a look at the most important part of that report. Show More
2017 was a robust year for Emerging Market (EM) equities with the continuation of a number of appreciating trends which commenced early in 2016. Broad drivers of the market included: Show More
Chief Investment Officer, Wayne Peters, and Head of Research, Nathan Bell explain the investment case of listed holding company, Fairfax India. Fairfax India provides investors exposure to high quality private and public businesses in India. Fairfax's key assets include Bangalore International Airport, IIFL Holdings, NCML and Sanmar Chemicals. Show More
The issue of bonds by Tajikistan this month follows on from recent low quality bond issues from Argentina, Greece and Iraq. Emerging market debt investors piled into the offering allowing the nation to issue US$500 million of ten year bonds at 7.125%. Investors who bought in cited the yield on... Show More
One of the classic signs that the credit cycle is nearing the end is that borrowers that shouldn’t be getting financed not only get funded, but get it at terms that seem crazy. I’ve recently written about the silly things happening in global high yield debt, Chinese debt and the... Show More
Anyone who has been paying attention to emerging markets will have noticed the very interesting price action going on there. But since it's getting more and more attention, it's worth revisiting the very definition of EM vs DM . Show More
The exciting story surrounding emerging markets has been the rise of two economic powerhouses, India and China. Whilst both countries share some basic similarities, they differ in many significant ways, most importantly stock market returns. In this wire, we articulate how they differ and what investors should expect going forward. Show More
The Sohn Investment Conference was held in NYC earlier this week. Bloomberg summarised the twelve trade ideas put forward by the market luminaries presenting, including Jeffrey Gundlach from DoubleLine Capital’s call to short the S+P500 and go long the iShares EM ETF, levered 100%. Show More
Last week, Apple CEO Tim Cook told analysts that “India is moving fast. They are moving at a speed that I have not seen in any other country in the world.” Despite this and many other positive endorsements, investors often procrastinate and identify reasons not to invest in India’s growth.... Show More
In the latest edition of the Weekly Macro Themes report we looked at some surprising trends in global trade growth. I say surprising not because the improvement in global trade took me by surprise - our leading indicators clearly flagged it last year (when most people were very bearish on... Show More