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EM value specialists

11 June 2018

EM value specialists - North of South Capital
Hear from our highly experienced team

Matt Linsey, Lead Portfolio Manager and Partner of North & South Capital and Kamil Dimmich, Co-manager and Partner outline their unique interpretation of value investing, and why it’s so critical to consider the ‘Cost of Capital’ when investing across Emerging Markets.  

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Emerging Market Viewpoints – May

23 May 2018

Latest Emerging Market Viewpoints
From Matt Linsey and the North of South Capital team

The continued rise in U.S. dollar interest rates is now beginning to have a significant impact on those markets that have been most dependent on external financing. This in turn has created a negative perception of the entire Emerging Market asset class. Is this correct?   

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Emerging Market Viewpoints – April

23 April 2018

Latest Emerging Market Viewpoints
From Matt Linsey and the North of South Capital team

There has been a great deal of confusion over the past year and a half regarding the exact meaning of many pronouncements coming from the Trump administration regarding foreign policy. The turnover of senior staff, particularly the recent departure of Secretary of State Tillison, has only added to this level of uncertainty. 

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Emerging Market Viewpoints – March

22 March 2018

Latest Emerging Market Viewpoints
From Matt Linsey and the North of South Capital team

Over the past five years, the Korean index has risen at an annualised rate of 5.6% in U.S. dollars, almost exactly in line with the global emerging market index over the same time period. 

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Emerging Market Viewpoints – February

20 February 2018

Latest Emerging Market Viewpoints
From Matt Linsey and the North of South Capital team

The recent market sell-off was different in two regards. The U.S. dollar was not viewed as a safe haven and Emerging Market equities did not underperform their developed market counterparts.

This was even more surprising as the catalyst for the sell-off was rising U.S. interest rates. Normally, this would be supportive of the U.S. currency due to widening interest rate differentials and the role of the dollar as the world’s reserve currency. 

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Emerging Market Viewpoints – January

10 January 2018

Latest Emerging Market Viewpoints
From Matt Linsey and the North of South Capital team

It has been a year since Trump assumed the office of President of the United States. At the time there were concerns that he would follow through on his election rhetoric and that a trade war would soon begin, with Mexico and China as the main targets. 

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Emerging Market Viewpoints – December

04 December 2017

Latest Emerging Market Viewpoints
From Matt Linsey and the North of South Capital team

As we near the end of 2017 and look forward into the new year, many investors will be asking whether there is still value to be found in our markets. After all, we have seen 30%+ gains in dollar terms in many of the Emerging Market indices, significantly ahead of moves in the developed world. In fact, we seem to be on track to see the MSCI EM index outperform the S&P for the first year since 2012.   

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Emerging Market Viewpoints – November

20 November 2017

Latest Emerging Market Viewpoints
From Matt Linsey and the North of South Capital team

The top 100 crypto currencies now have a combined market capitalisation of over U.S. $300 billion. This is similar to the total market capitalisation of Turkey, a country with a GDP of close to U.S. $900 billion.

Whether this is a bubble that will be compared to “tulip mania” in the future or a viable replacement of fiat currencies is impossible for us to answer. All we can do at this point is to explore the positives and negatives of the crypto currencies and their potential impact on the emerging markets. 

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Emerging Market Viewpoints – October

20 October 2017

Latest Emerging Market Viewpoints
From Matt Linsey and the North of South Capital team

Over the past few years we have come across a considerable amount of research pointing out the risk of an imminent financial crisis in China. Predictions have ranged from “the economy could just stop”, “the currency is in danger of collapsing” to the “housing market is not sustainable”. The purveyors of these views have ranged from well-known independent research houses and a number of high profile hedge fund managers to the occasional brave Chinese bank sell side analyst warning of disaster. 

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Emerging Markets Viewpoints - September

11 September 2017

Latest Emerging Market Viewpoints
From Matt Linsey and the North of South Capital team

The big shock for most investors this year has been the weakness of the U.S. dollar. It had become consensus that the U.S. Federal Reserve would begin the process of shrinking its balance sheet and increasing interest rates in a more aggressive fashion in reaction to an expanding economy and aggressive fiscal spending by the Trump administration. 

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