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.

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By Curated Podcasts - With Simon Brewer

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