February 27, 2025

20: Are Emerging Markets Too Cheap? With Dr. Christina McGuire, CEO and Founder of Elephant Asset Management, Explains Why She is so Excited about the Opportunity Set

50 minutes

“What could go right?” is a question investors sometimes need to ask, particularly when an asset class, region, or style of investing is unloved, out of favour and under allocated to. I’m referring to emerging markets.

The Wall Street Journal recently published a chart showing emerging markets at a 50 year low relative to the S&P, which might remind us of George Soros’s comment that we should “discount the obvious and expect the unexpected”.

In this conversation, Christina explains what she believes are significant valuation anomalies, and the ‘immense’ opportunities in the universe where she invests.

She discusses EAM’s investment process, especially in the under-researched small to mid-cap domestic EM universe in which they invest.

She explains idea generation, the concentrated portfolio composition of 25 stocks, the 8 countries which they target, typical holding periods and the prerequisite of on the ground research.

She gives two examples of companies they own, dealing with liquidity and volatility, having the wind in your face, and the type of clients best-suited to this strategy.

EAM DISCLAIMER

Elephant Asset Management (London) LLP is an appointed representative of Marble Bar Asset Management LLP which is authorised and regulated by the Financial Conduct Authority. This message is intended only for the use of the person(s) to whom it is addressed. It may contain information which is privileged and confidential. Accordingly any unauthorised use is strictly prohibited. If you are not the intended recipient, please contact the sender as soon as possible. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction, unless specifically agreed otherwise. All market prices, data and other information are not warranted as to completeness or accuracy and are subject to change without notice. Any opinions or advice contained in this Internet email are subject to the terms and conditions expressed in any applicable governing Elephant Asset Management (London) LLP’s terms and conditions of business or client agreement letter. Any comments or statements made herein do not necessarily reflect those of Elephant Asset Management (London) LLP or Marble Bar Asset Management LLP. Relevant information in respect of Elephant Asset management (London) LLP’s compliance with the EU General Data Protection Regulation (Regulation (EU) 2016/679, including our updated privacy notice, is available on Marble Bar Asset Management LLP’s website www.marblebar.com.

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