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Pacific Asset Management – Webcast

29 November 2018

November Webcast Replay
With the PAM Investment Management Teams

With the current market environment causing uncertainty and testing investors’ nerves, Pacific Asset Management invited clients to listen and take part in the Pacific Weekly Investment Meeting. Matthew Lamb (CEO), was joined by Will Bartleet CIO / Portfolio Manager of Pacific’s range of multi-asset solutions and by our Emerging Markets and G10 Macro rates fund teams. 

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Emerging Market Viewpoints – November

26 November 2018

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

As 2018 draws to a close it is easy to forget that Emerging Markets were outperforming their developed counterparts only last year. This has now largely been reversed and brings us back to where we were in 2016 in relative terms. The MSCI Emerging market index remains at least 30% cheaper than the S&P on most measures. 

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Emerging Market Viewpoints – October

31 October 2018

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

Taiwan remains one of our favourite markets. It enjoys the lowest cost of capital in the emerging market universe and has a large number of companies with net cash on the balance sheet. Many of these stocks pay dividend yields in excess of 5.0% and are often majority controlled by their management. 

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Emerging Market Viewpoints – September

01 October 2018

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

Anyone who is familiar with our investment process will know that at North of South we like to stress the importance of the cost of capital. A flexible methodology, which can accommodate the wide spectrum of sovereign macro conditions our corporates are exposed to, is critical to levelling the playing field for a dollar-based investor. 

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Emerging Market Viewpoints – August

15 August 2018

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

China currently accounts for over 30% of the benchmark market capitalisation of the MSCI Global Emerging Market index. At this level China now represents a higher percentage of the index than any individual country has in the past. 

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Emerging Market Viewpoints – July

15 July 2018

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

Investors we meet are often preoccupied with their exposure to style factors. The largest dichotomy seems to exist between the growth and value investment style. We at North of South Capital subscribe to the view that value investing works over time and allows an active manager to outperform the market. Our investment process is built around this premise. 

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Emerging Markets Webcast

12 July 2018

Emerging Markets Webcast with North of South Capital
The importance of the Cost of Capital, Trade Wars, Trump, China & more

In the first of our Emerging Market Webcasts, 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 – June

14 June 2018

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

We have written a number of times in the past regarding our investment process which has a clear focus on value. Our definition of value is relative and we believe that measuring value only in an absolute sense is dangerous. A low price earnings ratio or high dividend yield in isolation provides only a partial indication of a company’s worth. Stocks are a very long duration instrument – the typical analyst forecast period of 2-3 years usually only accounts for less than 10% of the value of the business. Therefore, it is imperative to have a robust process in determining the cost of capital which is used to discount and value the future cash flows. 

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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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