Welcome to the June edition of the Developing Markets Round-up, made freely available to all investors, and therefore not subject to MiFID II.
We thought now is a good time, halfway through 2019 and before we enter a new decade, to restate the case for investment in frontier and small emerging markets.
After a long list of crises in the past decade or so, FM and small EM public equities represent a diverse and attractively valued opportunity set. This is particularly true for the active fund manager; not so much for passive funds.
Depending on how you feel about the FM and EM investment journey at this point, we have just the right exhortation for you.
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PART ONE
Feeling positive? Congratulations! You survived!
If you are reading this, it means you have survived the rollercoaster of institutional investment in frontier and small emerging market public equities over the past decade or so...
Feeling disillusioned? Commiserations! You survived!
The less qualified, underperforming members in your peer group have disappeared or become too sub-scale, which means your ability to outperform is tougher than before...
What next? 8 ways to maximise investment opportunities in the coming decade
In our view, ways to maximise actively managed investment opportunities in FM and small EM and to run an active fund management company profitably (in terms of reducing unit operating costs) are, in an ideal world, as follows...
Digital banking growth prospects: Look to Uganda, Tanzania, Bangladesh and Pakistan
Digital has become a key driver of banks’ earnings across our covered markets, but which countries have the best digital banking growth prospects? We have designed a framework to identify them.
Join government officials, decision makers and investors this week at the Pharos Annual Investor Conference, and meet with industry peers across 11 key sectors.
To find out more or register your place, click here.
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Roadshows
UK | 17-21 June Hasnain Malik, Tellimer Equity Strategy
To find out more about these upcoming roadshows, email us today.
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On Your Way Out
Even with supra-national agreements under threat in much of the world, Africa has quietly pieced together the world’s largest free trade zone, the African Continental Free Trade Area (AfCFTA), which came into force on 30 May.
Fifty-two countries have signed up, creating a single market of goods and services for 1.2bn people and a collective GDP of over US$2tn. The holdouts include Benin, Eritrea and, most notably, Nigeria. According to the UN’s trade bodyUNCTAD, reducing intra-African tariffs under AfCFTA “could bring US$3.6bn in welfare gains to the continent through a boost in production and cheaper goods.”
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