JOHCM Emerging Markets Opportunities Fund (JOEMX)

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Fund Description

For fund managers James Syme, Paul Wimborne and Ada Chan, identifying the most attractive emerging markets in which to invest is the most important influence on investment performance. Through an extensive process that focuses on growth, liquidity, currency, management/politics and valuations, they produce country allocation targets for each of the 20+ countries within the MSCI Emerging Markets Index. Complementing their top-down view is a stock selection process that focuses on identifying quality growth stocks within their favored countries. The result is a large-cap biased portfolio of 50-60 stocks.

Investment Strategy
  • James, Paul and Ada believe country allocation is the major driver of outperformance in emerging markets.
  • Through an exhaustive monthly country allocation process that covers 20+ countries within the MSCI Emerging Markets Index, the fund managers produce country allocation targets for each country within the index based on a five-factor analysis: Growth, Liquidity, Currency, Management/Politics and Valuation of equity market.
  • Complementing their top-down view is a stock selection process that focuses on identifying quality growth stocks trading on attractive valuations within the fund managers’ favoured countries.
  • Over time, they expect that top-down and bottom-up decisions will each contribute 50% of total value added.
Investment Objective

The investment objective of the JOHCM Emerging Markets Opportunities Fund (the “Fund”) is to seek long-term capital appreciation.The Fund invests, under normal conditions, at least 80% of its assets in equity securities of companies listed in, or whose principal business activities are located in, emerging markets. Emerging market countries are those countries included in the MSCI Emerging Markets Index and MSCI Frontier Markets Index, countries with low to middle-income economies according to the International Bank for Reconstruction and Development (World Bank) and other countries with similar emerging market characteristics. The Fund may invest in emerging market companies of any size, including small and mid-capitalization companies in order to achieve its objective.The Fund’s investment style can be considered as growth at a reasonable price (GARP). GARP investment strategy is a blend of growth and value investing and seeks to find companies that have strong earnings growth at a good price. The Fund employs a combination of top-down and bottom-up research to assess potential investments in the Fund. The "Adviser" (JOHCM (USA) Inc.) seeks to invest in companies that possess attractive fundamentals and fit with the Adviser’s top-down country views within the emerging markets.

  • James Syme

    Senior Fund Manager

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  • Paul Wimborne

    Senior Fund Manager

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  • Ada Chan

    Senior Fund Manager

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Other Emerging Markets Equity Funds

JOHCM Emerging Markets Discovery Fund (JOMEX)

Experienced emerging equity market investors Emery Brewer, Dr Ivo Kovachev and Stephen Lew use a predominantly stock-picking approach in finding opportunities in the fast-growing developing markets. They focus on growth companies that have the potential to develop world-class products or become industry leaders in local ma...

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Fund details

Data as at 31 January 2024
Fund size $846.82mn
Strategy size $2.51bn
Benchmark MSCI Emerging Markets NR
Share classes
Institutional (Launch date) 20-November-2012
Advisor (Launch date) 20-November-2012
Investor (Launch date) 17-December-2013
Minimum investment
Institutional $1,000,000
Advisor $0
Investor $0
Fund codes
Fund Ticker Share Class Fund Number CUSIP
JOEMX Institutional 381 46653M104
JOEIX Advisor 181 46653M203
JOEAX Investor 581 46653M302
Fees and Expenses
Fund Ticker Share Class Net Expense Ratio* Gross Expense Ratio*
JOEMX Institutional 1.03% 1.03%
JOEIX Advisor 1.11% 1.11%
JOEAX Investor 1.26% 1.26%

*Expense ratios as stated in the latest prospectus. JOHCM (USA) Inc. has contractually agreed to waive fees and reimburse expenses so that the Net Total Operating Expenses do not exceed the stated amounts until January 28, 2024.

Fund ratings

Data as at 31 January 2024
Morningstar Rating Rank
  Rank Percentile Rating
Overall Morningstar Rating™     4-Star
1 year 650/816 82% 2-Star
3 years 219/721 40% 3-Star
5 years 305/656 54% 3-Star
10 years 130/402 34% 4-Star
Morningstar Category Diversified Emerging Markets

Morningstar rankings are based on Share class I and on total returns. Past performance does not guarantee future results. © 2022 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. 

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.  Ratings are for the share class shown only; other classes may vary.  

Administration

Investment Advisor JOHCM (USA) Inc.
Transfer Agent Northern Trust
Custodian Northern Trust

Investment Background

Data as at 31 January 2024

Strategy Highlights

As at 31 December 2023

  •  The global financial markets rebounded in Q4 2023, while the portfolio underperformed the MSCI EM Index
  • Overweight positions in Mexico and Brazil proved beneficial, with MSCI Mexico returning 18.6% and MSCI Brazil returning 17.8% in USD
  • Global tech stocks’ recovery supported Taiwan and Korea, returning 17.4% and 15.3%, respectively, whilst China faced economic weakness and policy challenges, resulting in a -4.2% return

The fourth quarter of 2023 saw a broad rebound in global financial markets as many of the concerns that made the third quarter difficult eased. In the quarter, the MSCI EM Index returned 7.86% in USD terms; the portfolio underperformed, returning 6.55%.
 
As market expectations about the future direction of US monetary policy became more benign, US 5-year bond yields moved from 4.6% at the start of the quarter to 3.9% by the end, while the US dollar weakened against other key currencies and global equities moved higher. Energy prices also moved lower despite a sharp deterioration in the geopolitical environment in the Middle East. Brent crude started the period at USD96/bbl and finished at USD77/bbl.

Mexico, overweight in the portfolio, continued to see firm economic growth supported by both exports and remittances as the country’s trade links to the US bring continued benefit. Despite a hawkish central bank and the prospect of elections on both sides of the border in 2024, Mexican equities continued their strong year, with MSCI Mexico returning +18.6% in USD in the quarter.

Elsewhere in Latin America, a hawkish central bank did not prove to be a drag on equities in Brazil, where the portfolio was overweight. Economic growth continued to come through, unemployment fell, and the Brazilian real strengthened in the quarter, and this contributed to MSCI Brazil returning +17.8% in USD terms in the quarter. The overweight positions in both Mexico and Brazil were increased in the quarter. 2023 was a strong year for both the Indian economy and Indian equities, and with strong growth in the broad economy and in corporate earnings, MSCI India returned +11.9% in USD terms in the fourth quarter. However, Indonesia underperformed in the fourth quarter, where a strong economy, particularly the consumer sector, proved insufficient; MSCI Indonesia Index returned +2.0% in USD terms in the period. The portfolio was overweight India and Indonesia in the period, with the overweight to India reduced on valuation concerns during the period.

A recovery in global technology stocks proved supportive for Taiwan and Korea. MSCI Taiwan Index returned +17.4% in USD terms and MSCI Korea Index returned +15.3% in USD terms. The portfolio was underweight in these markets in the quarter. China saw continued evidence of general economic weakness and challenging policy conditions. Despite some sectors seeing better demand conditions, MSCI China Index returned -4.2% in USD terms in the quarter; China was an underweight position in the portfolio.

Economic data in our preferred markets of Mexico, UAE, Indonesia, and India largely continues to be strong, and external balances and inflationary trends remain supportive. Growth in Brazil is weaker, but we continue to expect significant interest rate cuts to stimulate economic activity and remain overweight there as well. We remain positive on the asset class and positive on our preferred markets.

Total Return (%)

Data as at January 31, 2024
  1 Month Total Return 3 Month Total Return YTD Total Return 1 Year Total Return Cumulative Since Inception
Advisor Shares Net -5.07 6.25 -5.07 -4.51 42.02
Investor Shares Net -5.08 6.27 -5.08 -4.69 29.56
Advisor Shares Net -5.06 6.37 -5.06 -4.47 43.32
Benchmark -4.64 7.01 -4.64 -2.94 30.27

Annualised Return (%)

Data as at December 31, 2023
  1 Year 2 Year 3 Year 4 Year 5 Year 10 Year Annualized Since Inception
Advisor Shares Net 7.04 -5.05 -2.87 1.62 4.10 3.08 3.69
Investor Shares Net 6.84 -5.21 -3.04 1.46 3.94 2.94 3.15
Advisor Shares Net 7.16 -4.98 -2.79 1.70 4.20 3.17 3.78
Benchmark 9.83 -6.32 -5.08 0.30 3.68 2.66 2.85

Monthly returns (%)

Data as at 31 January 2024
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
Fund 2012 1.60 3.54 5.20
Benchmark 2012 2.83 4.89 7.86
Fund 2013 1.24 -1.88 -1.82 1.56 -0.77 -7.16 1.67 -1.23 6.54 5.65 1.57 0.24 5.01
Benchmark 2013 1.38 -1.26 -1.72 0.75 -2.57 -6.37 1.04 -1.72 6.50 4.86 -1.46 -1.45 -2.60
Fund 2014 -7.57 4.15 0.68 -0.59 5.57 1.93 1.02 1.73 -6.99 3.70 -0.66 -3.47 -1.47
Benchmark 2014 -6.49 3.31 3.07 0.33 3.49 2.66 1.93 2.25 -7.41 1.18 -1.06 -4.61 -2.19
Fund 2015 3.76 2.36 -0.81 7.91 -2.53 -3.95 -7.65 -8.64 -1.63 8.64 -2.35 -2.79 -8.89
Benchmark 2015 0.60 3.10 -1.42 7.69 -4.00 -2.60 -6.93 -9.04 -3.01 7.13 -3.90 -2.23 -14.92
Fund 2016 -7.92 -2.39 10.71 -1.70 -0.28 4.73 5.32 2.98 1.94 -3.29 -4.22 -0.18 4.44
Benchmark 2016 -6.49 -0.16 13.23 0.54 -3.73 4.00 5.03 2.49 1.29 0.24 -4.60 0.22 11.20
Fund 2017 6.48 1.97 3.90 2.21 3.35 1.86 4.87 2.00 0.04 4.99 -0.72 2.45 38.71
Benchmark 2017 5.47 3.06 2.52 2.19 2.96 1.01 5.96 2.23 -0.40 3.51 0.20 3.59 37.28
Fund 2018 4.20 -5.80 -0.16 0.01 -1.09 -2.66 1.02 -2.26 -0.82 -8.09 4.16 -3.69 -14.80
Benchmark 2018 8.33 -4.61 -1.86 -0.44 -3.54 -4.15 2.20 -2.70 -0.53 -8.71 4.12 -2.65 -14.58
Fund 2019 7.14 -0.57 3.94 0.01 -4.61 6.16 -3.09 -3.09 1.61 1.93 -1.74 6.94 14.61
Benchmark 2019 8.76 0.22 0.84 2.11 -7.26 6.24 -1.22 -4.88 1.91 4.22 -0.14 7.46 18.42
Fund 2020 -3.10 -5.37 -17.57 11.68 0.89 7.30 6.24 0.39 0.02 0.99 8.57 8.87 16.39
Benchmark 2020 -4.66 -5.27 -15.40 9.16 0.77 7.35 8.94 2.21 -1.60 2.06 9.25 7.35 18.31
Fund 2021 0.79 2.67 0.75 0.85 3.91 -0.53 -4.96 0.99 -4.71 0.55 -3.14 5.01 1.65
Benchmark 2021 3.07 0.76 -1.51 2.49 1.15 1.33 -6.73 2.62 -3.97 0.99 -4.08 1.88 -2.54
Fund 2022 0.77 -7.82 -0.93 -5.27 3.05 -8.05 1.81 -1.37 -7.11 0.81 11.13 -2.38 -15.77
Benchmark 2022 -1.89 -2.99 -2.26 -5.56 0.44 -6.64 -0.25 0.42 -11.72 -3.10 14.83 -1.41 -20.09
Fund 2023 6.41 -5.38 3.76 0.19 -3.25 5.75 4.08 -6.18 -3.90 -4.83 7.11 4.50 7.04
Benchmark 2023 7.90 -6.49 3.03 -1.13 -1.68 3.80 6.22 -6.16 -2.62 -3.88 8.00 3.91 9.83
Fund 2024 -5.07 -5.07
Benchmark 2024 -4.64 -4.64

Expense Ratio (%)

Data as at December 31, 2023
Share Class Gross Expense* Net Expense*
Advisor 1.11% 1.11%
Institutional 1.03% 1.03%
Investor 1.26% 1.26%

Important Information

The performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund's current performance may be lower or higher than the performance data quoted. Investors may obtain performance information current to the most recent month-end, within 7 business days at www.johcm.com or by calling 866-260-9549 or 312-557-5913.

Returns shown, unless otherwise indicated, are total returns, with dividends and income reinvested. Returns for periods of less than one year are not annualized. Fee waivers are in effect; if they had not been in effect performance would have been lower.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of emerging markets. The MSCI Emerging Market Index consists of the following 23 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. Indexes mentioned are unmanaged statistical composites of stock market performance. Investing in an index is not possible.

Historical performance of the Emerging Markets Opportunities Fund for Class II Shares prior to its inception is based on the performance of Class I Shares, the share class most similar to Class II. The performance of Class II Shares has been adjusted to reflect differences in expenses.

*Expense ratios as stated in the latest prospectus. JOHCM (USA) Inc. has contractually agreed to waive fees and reimburse expenses so that the Net Total Operating Expenses do not exceed the stated amounts until January 28, 2024.

Top 10 holdings and active weights

Data as at 31 January 2024
Top 10 holdings
Taiwan Semiconductor 8.67%
Tencent 6.45%
Larsen & Toubro 5.29%
State Bank of India 4.08%
Samsung Electronics 4.07%
Unibanco 4.00%
Cemex 3.82%
Banorte 3.80%
FirstRand 3.74%
Bank Mandiri 3.60%
Top 10 active weights
Larsen & Toubro +4.87%
State Bank of India +3.88%
Cemex +3.82%
Unibanco +3.53%
FirstRand +3.47%
Banorte +3.40%
Bank Mandiri +3.37%
Ambev +3.36%
Emaar Properties +3.14%
Tencent +3.03%

Regional / Country breakdown

Data as at 31 January 2024
Portfolio Benchmark Relative
Brazil 11.76% 5.72% 6.04%
Canada 2.73% 0% 2.73%
China 22.60% 24.87% -2.27%
India 18.86% 17.97% 0.88%
Indonesia 10.04% 1.94% 8.1%
Mexico 11.56% 2.82% 8.73%
South Africa 3.74% 3.02% 0.71%
South Korea 5.92% 12.24% -6.31%
Taiwan 11.34% 16.6% -5.26%
United Arab Emirates 4.62% 1.31% 3.31%

Sector breakdown

Data as at 31 January 2024
Portfolio Benchmark Relative
Financials 31.79% 23.09% 8.70%
Information Technology 13.63% 22.23% -8.60%
Consumer Staples 10.95% 5.93% 5.10%
Consumer Discretionary 10.33% 12.10% -1.80%
Industrials 10.03% 6.79% 3.20%
Materials 8.83% 7.44% 1.40%
Communication Services 6.69% 8.73% -2.00%
Real Estate 6.11% 1.58% 4.50%
Energy 3.93% 5.61% -1.70%
Utilities 2.78% 2.83% 0.00%
Health Care 1.04% 3.62% -2.60%
Cash -6.15% 0.00% -6.15%

Market cap breakdown

Data as at 31 January 2024
Portfolio Benchmark Relative
Large 84.79% 76.31% 8.48%
Mid 14.93% 23.68% -8.75%
Small 1.36% 0.01% 1.35%

Important Information

Fund holdings, sector allocation, regional allocation and top 10 countries are subject to change without notification.

Fund

As at noon Share class Currency CUSIP Number NAV Change Change % Previous
JOHCM International Select Fund 23/02/2024 Institutional USD 46653M849 24.45 0.02 0.08% 24.43
Investor USD 46653M823 24.52 0.02 0.08% 24.50
JOHCM Emerging Markets Opportunities Fund 23/02/2024 Advisor USD 46653M203 10.95 0.01 0.09% 10.94
Institutional USD 46653M104 10.98 0.02 0.18% 10.96
Investor USD 46653M302 10.94 0.01 0.09% 10.93
JOHCM Global Select Fund 23/02/2024 Advisor USD 46653M807 13.28 0.00 0.00% 13.28
Institutional USD 46653M708 13.31 0.00 0.00% 13.31
JOHCM Emerging Markets Small-Mid Cap Equity Fund 23/02/2024 Advisor USD 46653M500 14.31 0.06 0.42% 14.25
Institutional USD 46653M401 14.30 0.06 0.42% 14.24
JOHCM International Opportunities Fund 23/02/2024 Institutional USD 46653M872 12.18 0.06 0.50% 12.12
Regnan Global Equity Impact Solutions 23/02/2024 Institutional USD 46653M716 8.41 -0.02 -0.24% 8.43
TSW Large Cap Value Fund 23/02/2024 Institutional USD 46653M641 12.97 0.06 0.46% 12.91
TSW High Yield Bond Fund 23/02/2024 Institutional USD 46653M658 9.10 0.01 0.11% 9.09

Important Information

The performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund's current performance may be lower or higher than the performance data quoted. Investors may obtain performance information current to the most recent month-end, within 7 business days at www.johcm.com or by calling 866-260-9549 or 312-557-5913.

Returns shown, unless otherwise indicated, are total returns, with dividends and income reinvested. Returns for periods of less than one year are not annualized. Fee waivers are in effect; if they had not been in effect performance would have been lower.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of emerging markets. The MSCI Emerging Market Index consists of the following 23 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. Indexes mentioned are unmanaged statistical composites of stock market performance. Investing in an index is not possible.

Historical performance of the Emerging Markets Opportunities Fund for Class II Shares prior to its inception is based on the performance of Class I Shares, the share class most similar to Class II. The performance of Class II Shares has been adjusted to reflect differences in expenses.

*Expense ratios as stated in the latest prospectus. JOHCM (USA) Inc. has contractually agreed to waive fees and reimburse expenses so that the Net Total Operating Expenses do not exceed the stated amounts until January 28, 2024.

15 Feb 2024

Evaluating the Future of Chinese Equities

Understand the short-term "voting" actions of foreign investors selling Chinese equities versus the long-term "weighing" impact of value investors.
 

29 Jan 2024

Elections Set the Agenda for 2024

In 2024, the world will witness the highest concentration of elections in modern history, setting the tone for Emerging Markets across the globe.

21 Dec 2023

India: Being Positive while Keeping Realistic

Navigating the delicate balance between optimism for sustained growth and cautionary considerations surrounding market valuations in India.

14 Nov 2023

Shifting Perspectives in the Chinese Equity Market

Emerging market top-down opportunities and strong consumer-driven growth are unlocking the potential of the Chinese equity market.

19 Oct 2023

China, Trade, and the Future of Asian Economies

From China's economic challenges to the future of Asian exports, discover how Indonesia and India are changing the game in East Asian economies.

11 Sep 2023

What a Negative Inflation Print Means for China

Deflationary challenges arising in China, its rarity in emerging markets, and the influence of political decisions on shaping the economic landscape.

14 Aug 2023

Unveiling Divergent Trends in EM Equities

Emerging markets surge, tech sector booms with EV and AI stocks, and contrasting performance and quality concerns come to light.

19 Jul 2023

Emerging Markets Ride Currency Waves

Explore the correlation between currency dynamics, equity market moves, and economic factors to help capitalize on emerging market opportunities.

16 Jun 2023

Monetary Measures Reshape Economy

Decisive monetary policy has brought inflation under control in Mexico and Brazil, helping to lift the value of their currencies and support growth.

18 May 2023

A Cautious Outlook for Turkey and Thailand

As the dust settles after pivotal elections, what has kept us cautious, and what are the prospects for political change

19 Apr 2023

Global Economic Indicator that’s Worse than the GFC

Demand for semiconductors is an indicator of the health of the global economy. Right now, things are looking as weak as ever.

13 Apr 2023

Hidden Risks and Opportunities in China’s Recovery

Chinese oil demand has largely been correlated with GDP growth, but the nature of that relationship is changing.

17 Mar 2023

A Mixed Picture for Emerging Markets

An assessment of Emerging Markets reveals uneven performance and identifies opportunities in domestic-driven economies.

15 Mar 2023

Misplaced Risk-Off Reaction

The collapse of Silicon Valley Bank & Signature Bank is a 'first world problem' with limited EM exposure. No JOEMX portfolio companies have been identified as having exposure.

16 Feb 2023

Leading and Lagging the Emerging Market Index

Recent moves within the asset class reveal interesting patterns that may point to potential risk opportunities later

26 Jan 2023

Emerging Markets Rely on Global Fund Flows

Revisiting a key driver for the asset class: the direction of the US dollar and the capital flows that result from that.

16 Dec 2022

Why South Korea is an Emerging Market

A look at the impact of local politics at a time of rising global interest rates, a stronger US dollar, and a slowing South Korean economy. 

15 Dec 2022

Implications of a Strong US Dollar

In a new video, James Syme, Senior Fund Manager, offers a perspective on markets that have performed well, despite a tightening US Dollar and rising rates.

13 Dec 2022

Country Level Factors Indicate Potential Returns

Next year looks good for Emerging Markets with an expected decline in rates and the US dollar. But some investors are better placed than others.

01 Dec 2022

On China: Not a typical emerging market crisis

The market’s optimism of recent years seems to have ended. Yet China has all the building blocks of a powerful recovery when Covid lockdowns end.

14 Nov 2022

Chinese tech stocks – is now the time to invest?

In a new video, James Syme, Senior Fund Manager, shares why these stocks come with a lot of risk – and what to consider before investing.

14 Nov 2022

Emerging Markets Spotlight

Beijing is changing its policy on Covid and property. Is this a bottom for China stocks?

11 Nov 2022

Why we like Brazil

Inflation under control, positive economic growth, valuations at half their long-term – we remain very positive on Brazil in both absolute and emerging market-relative sense.

01 Nov 2022

Is it time to buy Chinese stocks?

Some Chinese stocks may appear attractive from a valuations perspectives – but investors also need to be able to realize that value.

19 Oct 2022

Emerging Markets Spotlight

Despite the strong dollar and contracting liquidity, emerging markets are holding their own. As long as you’re selective. 

03 Oct 2022

How can investors identify promising Emerging Markets?

Hint: Watch where the tourists go, says Senior Fund Manager Paul Wimborne. 

22 Sep 2022

Emerging Markets Spotlight

Rejection of a left-wing constitution reduces risk for equity investors in Chile, but economic problems remain an obstacle

31 Aug 2022

Emerging Markets Spotlight

Energy exporters, or those with relative energy stability, show signs of prospering 

20 Jul 2022

Emerging Markets Spotlight

James Syme weighs in on what it will take for the Chinese economy to reverse a slowdown.

28 Jun 2022

Emerging Markets Spotlight

Inflation is not all bad news in emerging markets

16 May 2022

Emerging Markets Spotlight

Floating exchange rates are likely to limit the impact of rising US rates on emerging markets

11 Apr 2022

Emerging Markets Spotlight

Rising commodity prices will have a powerful impact on emerging markets, for exporters and for those that import and subsidise the 'Three Fs', food, fuel and fertilizer.

    22 Mar 2022

    Latest Views on Chinese Equity Markets

    James Syme, Senior Fund Manager on the Emerging Markets Opportunities team, shares his latest views on Chinese Equity Markets.

      14 Mar 2022

      Emerging Markets Spotlight

      James Syme and the Emerging Markets Opportunities team look at the new chapter Russia is writing in emerging equity markets

      10 Mar 2022

      Latest Views on Russian Equity Markets

      James Syme, Senior Fund Manager on the Emerging Markets Opportunities team, shares his latest views on Russian Equity Markets.

      24 Feb 2022

      Emerging Markets Spotlight

      James Syme and the Emerging Markets Opportunities team highlight the hidden export strengths of two of their favourite markets, India and Mexico

      31 Jan 2022

      Emerging Markets Spotlight

      James Syme takes a look at recent commodity price moves and describes how the portfolio is positioned to benefit. 

      05 Jan 2022

      Emerging Markets Spotlight

      The opportunity within emerging markets is more compelling than the opportunity of emerging markets.

      24 Nov 2021

      Emerging Markets Spotlight

      We have seen continued high inflation prints across the world, with volatility in interest rate expectations testing the resolve of central banks...

      25 Oct 2021

      Emerging Markets Spotlight

      What a China-Taiwan conflict could mean for stocks

      20 Sep 2021

      Emerging Markets Spotlight

      There has been substantial commentary around the changing regulatory environment in China, but is this overshadowing the economic data?

      19 Aug 2021

      Emerging Markets Spotlight

      Pandemic policies and the implications for emerging market investors. 

      02 Aug 2021

      Emerging Markets Spotlight

      Five indicators to monitor risk and opportunity from the JOHCM Global Emerging Markets Opportunities team. 

      23 Jun 2021

      Emerging Markets Spotlight

      Portfolio positioning around the commodity rally: the JOHCM Global Emerging Markets Opportunities team provide an update

      26 May 2021

      Emerging Markets Spotlight

      The pick-up in capital flows, higher commodity prices and vaccination roll-outs are powerful drivers for commodity-exporting emerging markets.

      13 May 2021

      Emerging Markets Spotlight

      With Covid-19 case numbers rising rapidly, James Syme reviews the portfolio's Indian exposure.

      23 Mar 2021

      Emerging Markets Spotlight

      A top-down look at Brazil from the JOHCM Global Emerging Markets Opportunities team.

      19 Feb 2021

      Emerging Markets Spotlight

      James Syme takes a look at the higher-beta emerging markets and gives his thoughts on where the opportunities lie.    

      16 Dec 2020

      Emerging Markets Spotlight

      Looking for signs as to which economies (and, potentially, markets) are in the best positions to recover.

      15 Oct 2020

      Emerging Markets Spotlight

      2020 has seen an upsurge in anti establishment protests in Thailand. James Syme provides his thoughts. 

      11 Sep 2020

      Emerging Markets Spotlight

      The Emerging Markets Opportunities team highlight one of their strongest conviction ideas. 

      12 Aug 2020

      Emerging Markets Spotlight

      Observations on some interesting differences between inflation dynamics in major Latin American countries.

      16 Jul 2020

      Emerging Markets Spotlight

      A top-down look at the countries the JOHCM Emerging Markets Opportunities team are avoiding. 

      16 Jun 2020

      Emerging Markets Spotlight

      The US hegemon versus the Chinese challenger: echoes of history

      22 May 2020

      Emerging Markets Spotlight

      Emerging markets to avoid: the JOHCM Emerging Markets Opportunities team provide their top down analysis.

      17 Apr 2020

      Emerging Markets Spotlight

      We previously wrote that "banks generally carry a triple threat in this environment". We now update that to four threats.

      26 Mar 2020

      Matters of state: our latest views on EM

      James Syme provides the team’s signature top-down analysis of emerging markets and the risks and opportunities, country-by-country.  

      11 Mar 2020

      Emerging Markets Spotlight

      What does Covid-19 mean for emerging markets?     

      13 Feb 2020

      Emerging Markets Spotlight

      Shorter-term economic data sources and their usuefulness in navigating the impacts of the coronavirus spread in China.  

      27 Jan 2020

      Emerging Markets Spotlight

      "China is a source of opportunities rather than an opportunity in and of itself." - James Syme provides his latest monthly update. 

      21 Jan 2020

      Emerging markets and the dollar: why not to be bearish on EM for too long

      Many investors have assumed that dollar strength is the new normal, but pressure on the dollar is building. And when the dollar does roll over, the history of EM equities suggests the asset class could deliver very strong returns.
       

      14 Nov 2019

      Emerging Markets Spotlight

      Improving US dollar liquidity and a weaker dollar have the potential to drive very strong economic uplift and equity market returns in EMs. 

      08 Nov 2019

      Turkey: political noise but investment opportunity

      Turning more positive on Turkey: James Syme, JOHCM Global Emerging Markets Opportunities, explains his optimism.   

      21 Oct 2019

      Emerging Markets Spotlight

      Despite the slowing global growth and trade war headwinds, James Syme outlines where the team are still finding opportunities.

      23 Sep 2019

      Emerging Markets Spotlight

      Someday, this trade war’s going to end. That would be just fine for emerging market investors. Until then caution is warranted.

      21 Aug 2019

      Avoiding Argentina

      Recent events in Argentina underline why investing in EM starts with the top-down country call.

      19 Aug 2019

      Emerging Markets Spotlight

      James Syme, manager of the JOHCM Emerging Markets Opportunities Fund, talks trade wars and currency manipulation. 

      15 Jul 2019

      Emerging Market Spotlight

      James Syme gives his outlook on emerging markets given slowing economic growth in China and the slowing cycle.

      25 Jun 2019

      Our reflections on Russia

      James Syme, JOHCM Global Emerging Markets Opportunities, outlines the investment case for Russian equities, which have attractions despite the country’s well-documented political and corporate governance issues.
       

      24 Jun 2019

      Comment on recent Chile interest rate cut

      Note from James Syme on the recent interest rate cut in Chile and broader thoughts on the EM asset class/portfolio positioning.

      13 Jun 2019

      Emerging Markets Spotlight

      James Syme discusses Mexico being the latest emerging market to undergo volatility as a result of politics-related trade uncertainty. 

      20 May 2019

      Emerging Markets Spotlight

      Conditions for EM ex-China look better for the next few years - James Syme, manager of the JOHCM Emerging Markets Opportunities Fund.  

      15 Apr 2019

      Emerging Markets Spotlight

      James Syme takes a look at two interesting stories that have been developing recently in South Africa and Mexico.

      09 Apr 2019

      This is what a revolution looks like

      James Syme, JOHCM Global Emerging Markets Opportunities, on the positive changes in corporate governance in South Korea and what it means for the country's equity market.

      20 Mar 2019

      Outlook for emerging markets in 2019

      Fed rate freeze bodes well for domestic EM equities

      12 Feb 2019

      Emerging Markets Spotlight

      James Syme takes a look at US monetary policy and the resulting outlook for emerging markets. 

      16 Jan 2019

      Emerging Markets Spotlight

      James Syme gives his take on China and why he remains cautious. 

      05 Dec 2018

      Outlook for emerging markets in 2019

      Enticing valuations suggest 2019 will be a better year for emerging equity markets. 

      15 Oct 2018

      Emerging Markets Spotlight

      James Syme, manager of the JOHCM Emerging Markets Opportunities Fund, takes a look at the implications of the escalating US-China trade tensions for emerging markets 

      13 Sep 2018

      Emerging Markets Spotlight

      James Syme, manager of the JOHCM Global Emerging Markets Opportunities Fund, looks at whether opportunity can emerge from crisis in Brazil.

      28 Aug 2018

      Emerging Markets Spotlight

      The importance of currency in emerging market investing: James Syme provides his insight on where the opportunities lie.

      15 May 2018

      Emerging Markets Spotlight

      James Syme reviews how the rising oil price affects emerging market countries and currencies. 

      15 Apr 2018

      Emerging Markets Spotlight

      Analysing the effect of political change on emerging market equities

      19 Mar 2018

      Emerging Markets Spotlight

      Investor optimism over the new South African president is misplaced, says James Syme, JOHCM Emerging Market Opportunities Fund.

      19 Jan 2018

      Emerging Markets Spotlight

      James Syme, co-manager of the JOHCM Emerging Markets Opportunities Fund, explains his views on the geopolitical risk surrounding the Korean peninsula.

      16 Nov 2017

      Emerging Markets Spotlight

      James Syme, manager of the JOHCM Emerging Markets Opportunities Fund, details the two developments that added to our optimism over the Indian economy and Indian equities. 

      27 Oct 2017

      Emerging Markets Spotlight

      James Syme, manager of the JOHCM Global Emerging Markets Opportunities Fund, takes an in-depth look at corporate Korea 

      07 Sep 2017

      Emerging Markets Spotlight: Checking on Currency

      Problematic current-account deficits in many emerging markets have eased, reducing the overall level of risk in emerging markets as an asset class, explains James Syme, manager of the JOHCM Emerging Markets Opportunities Fund.

      08 Aug 2017

      Emerging Markets Spotlight – India’s Banking System

      There’s good news in retail credit, but state-owned banks have disappointed, says James Syme, manager of the JOHCM Emerging Markets Opportunities Fund.

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