JOHCM Emerging Markets Opportunities Fund (JOEMX) J O Hambro Capital Management (JOHCM)

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" (J O Hambro Capital Management Limited) 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
Paul Wimborne

Senior Fund Manager
Ada Chan

Fund Manager

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 March 2023

Fund size

$847.92mn

Strategy size

$2.06bn

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	1.08%	1.08%
JOEAX	Investor	1.23%	1.23%

*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 March 2023

Morningstar Rating Rank

	Rank	Percentile	Rating
Overall Morningstar Rating™			5-Star
1 year	87/833	12%
3 years	162/744	28%	4-Star
5 years	127/654	21%	4-Star
10 years	57/394	12%	5-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 March 2023

JOHCM EMO Quarterly Holdings

JOHCM EMO Quarterly Factsheet

10-Year Factsheet

Strategy Highlights

As at 26 April 2023

The first quarter of 2023 saw a continuation of the market rebound seen in the previous quarter. Despite ongoing policy interest rate increases around the world, lower inflation and concerns that tight monetary policy is affecting developed market banking systems saw more optimism about global growth, which was broadly reflected in emerging equity markets. In the quarter MSCI EM Index returned 4.0% in USD terms.

Chinese economic data began to show signs of a pick-up in the quarter, although it remains the case that forward-looking surveys are much stronger than trailing data. Money supply growth continued to pick up, but the continuing stress in the property sector meant that loan growth was not as strong, reflecting the continuing build-up of deposits by cautious households and companies. MSCI China returned 4.7% in USD terms in the quarter.

The more cyclical, export-driven emerging economies generally showed better market performance in the quarter. MSCI Czech Republic was the best performing, as the outlook for the Eurozone improved. MSCI Mexico also performed well, with strong export and remittance data in the quarter showing how Mexico benefits from a strong US economy; MSCI Mexico returned 20.3% in USD terms.

MSCI Taiwan and MSCI Korea returned 14.8% and 9.6%, respectively, in the quarter, as prospects for better Chinese demand and an approaching end to US monetary policy tightening lifted investors’ sentiment. However, economic data, particularly around industrial production, export orders and exports, was notably weak during the quarter, and we feel it will take a significant improvement in the economic situation of these countries to justify further gains.

The higher-beta group of emerging markets had a mixed quarter. Indonesia performed well on strong domestic demand, with MSCI Indonesia rising 6.0%, but MSCI Brazil fell -3.2% on concerns about the new government’s fiscal policy, and MSCI India fell -6.4% in USD terms on investor worries over monetary policy tightening and corporate governance concerns about a sizeable Indian corporate group.

In the quarter, the portfolio continued to be overweight markets with trade balances that are strong in historic terms, which may benefit from strengthening growth and lower interest rates later in the year. The portfolio is overweight Mexico, Brazil, India, Indonesia, and South Africa, with a focus on banks and domestic demand in each country. The portfolio remains substantially underweight in Taiwan and Korea while we wait for evidence of an economic turnaround, and neutral China, where we see a mix of improving expectations but weak fundamentals.

Sources for all data: JOHCM/Bloomberg (unless otherwise stated).

Total Return (%)

Data as at March 31, 2023

	1 Month Total Return	3 Month Total Return	YTD Total Return	1 Year Total Return	Cumulative Since Inception
Advisor Shares Net	3.76	4.47	4.47	-4.42	46.01
Investor Shares Net	3.76	4.47	4.47	-4.50	33.46
Institutional Shares Net	3.75	4.55	4.55	-4.33	47.30
Benchmark	3.03	3.96	3.96	-10.70	29.31

Annualised Return (%)

Data as at March 31, 2023

	1 Year	2 Year	3 Year	4 Year	5 Year	10 Year	Annualized Since Inception
Advisor Shares Net	-4.42	-7.37	11.26	1.88	0.73	3.59	3.72
Investor Shares Net	-4.50	-7.53	11.09	1.73	0.60		3.16
Institutional Shares Net	-4.33	-7.30	11.38	2.00	0.84	3.68	3.81
Benchmark	-10.70	-11.03	7.83	0.79	-0.91	2.00	2.51

Monthly returns (%)

Data as at 31 March 2023

		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										4.47
Benchmark	2023	7.90	-6.49	3.03										3.96

Expense Ratio (%)

Data as at February 28, 2022

Share Class	Gross Expense*	Net Expense*
Advisor	1.08%	1.08%
Institutional	1.03%	1.03%
Investor	1.23%	1.23%

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.

Top 10 holdings and active weights

Data as at 31 March 2023

Top 10 holdings

Tencent	8.35%
Taiwan Semiconductor	4.42%
Hong Kong Exchanges	4.40%
Samsung Electronics	4.04%
HDFC Bank	3.67%
Ambev	3.29%
Larsen & Toubro	3.17%
State Bank of India	3.09%
Tsingtao Brewery	3.09%
Barrick Gold	2.95%

Top 10 active weights

Hong Kong Exchanges	+4.40%
Tencent	+3.68%
HDFC Bank	+3.67%
Ambev	+3.08%
Tsingtao Brewery	+2.98%
Barrick Gold	+2.95%
State Bank of India	+2.92%
Larsen & Toubro	+2.89%
Anhui Conch Cement	+2.86%
Mahindra & Mahindra	+2.71%

Regional / Country breakdown

Data as at 31 March 2023

	Portfolio	Benchmark	Relative
Brazil	8.11%	4.87%	3.24%
China	28.78%	32.66%	-3.88%
Hong Kong	4.40%	0%	4.4%
India	15.57%	12.97%	2.6%
Indonesia	7.61%	1.89%	5.71%
Mexico	9.47%	2.63%	6.83%
South Africa	3.61%	3.51%	0.09%
South Korea	5.89%	11.91%	-6.02%
Taiwan	8.11%	15.23%	-7.11%
United Arab Emirates	3.26%	1.23%	2.03%
Cash	1.35%	0%	1.35%

Sector breakdown

Data as at 31 March 2023

	Portfolio	Benchmark	Relative
Financials	27.44%	21.01%	6.40%
Consumer Staples	12.86%	6.30%	6.60%
Information Technology	11.89%	20.54%	-8.60%
Materials	11.47%	8.64%	2.90%
Consumer Discretionary	11.32%	13.93%	-2.60%
Communication Services	8.74%	10.56%	-1.90%
Real Estate	5.32%	1.90%	3.40%
Industrials	4.85%	5.98%	-1.10%
Utilities	2.54%	2.61%	-0.10%
Energy	2.18%	4.72%	-2.50%
Health Care	0.00%	3.75%	-3.80%
Cash	1.35%	0.00%	1.35%

Market cap breakdown

Data as at 31 March 2023

	Portfolio	Benchmark	Relative
Large	77.45%	75.34%	2.11%
Mid	19.45%	24.66%	-5.21%
Small	1.64%	0.01%	1.64%

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	07/06/2023	Institutional	USD	46653M849	22.16	-0.16	-0.72%	22.32
		Investor	USD	46653M823	22.20	-0.17	-0.76%	22.37
JOHCM Emerging Markets Opportunities Fund	07/06/2023	Advisor	USD	46653M203	10.87	0.04	0.37%	10.83
		Institutional	USD	46653M104	10.90	0.05	0.46%	10.85
		Investor	USD	46653M302	10.87	0.05	0.46%	10.82
JOHCM Global Select Fund	07/06/2023	Advisor	USD	46653M807	12.58	-0.05	-0.40%	12.63
		Institutional	USD	46653M708	12.62	-0.04	-0.32%	12.66
JOHCM Emerging Markets Small-Mid Cap Equity Fund	07/06/2023	Advisor	USD	46653M500	12.45	0.11	0.89%	12.34
		Institutional	USD	46653M401	12.46	0.11	0.89%	12.35
JOHCM International Opportunities Fund	07/06/2023	Institutional	USD	46653M872	10.79	-0.05	-0.46%	10.84
Regnan Global Equity Impact Solutions	07/06/2023	Institutional	USD	46653M716	7.56	-0.09	-1.18%	7.65
TSW Large Cap Value Fund	07/06/2023	Institutional	USD	46653M641	12.55	0.08	0.64%	12.47
TSW High Yield Bond Fund	07/06/2023	Institutional	USD	46653M658	8.75	-0.01	-0.11%	8.76

Important Information

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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