• Steve Holden
• February 28, 2024
• GEM Insights
• 0 Comments

361 emerging market Funds, AUM $400bn Country Positioning Update • China weights fall to lowest levels in 7-years, managers remain underweight. • India weights move to all-time highs, but active funds increase underweights to record levels. Value funds become increasingly sceptical. • Saudi Arabia the 2nd largest country underweight, but momentum among investors remains compelling. • Overweights led by the …

• Steve Holden
• February 20, 2024
• GEM Insights
• 0 Comments

361 Global EM Equity Funds, AUM $400bn Reassessing Turkey • After a decade-long bear market in investor positioning, GEM managers are beginning to show tentative signs of a sentiment shift towards Turkey. Author:  Steven HoldenDate:  February 20th, 2024Fund Universe: Global Emerging Markets Equity Turkey Positioning Overview In this video, we look into the fundamentals of Turkish market positioning among active …

• Steve Holden
• January 17, 2024
• GEM Insights
• 0 Comments

2023 was a good year for active EM managers, as 60% outperformed generating +1.6% of alpha versus the tradable benchmark, on average. Returns were driven higher by strong performance from Value and Small/Midcap managers, whilst high Growth struggled. China & HK positions were costly, whilst LATAM and Technology contributed the most to outperformance. 2023 Fund Performance Active EM funds had a good 2023. Average fund returns came in at a healthy 10.57%, ahead of the iShares MSCI Emerging Markets ETF by +1.58%, with 59.8% of funds outperforming. Broken down by Style, Value and Yield funds had the best year, averaging 14.77% and 14.29% respectively, with Aggressive …

• Steve Holden
• December 19, 2023
• GEM Insights
• 0 Comments

2023 marks a pivotal year with EM investors significantly increasing holdings in the Saudi market. Major EM investors from GQG Partners to Capital Funds record notable fund inflows into Saudi for the first time. Despite growing interest, the Saudi market still presents ample room for broader investor engagement. Saudi Arabia remains comparatively ‘under-owned’ in relation to its Asian and LATAM …

• Steve Holden
• April 18, 2023
• GEM Insights
• 0 Comments

384 emerging market Funds, AUM $400bn TSMC: Crowded Trade? Active EM managers are heavily positioned in TSMC. It is the largest portfolio holding for 64% of funds, with an average weight double that of its nearest rivals. But is the risk of not holding TSMC greater than playing the contrarian? Stock Positioning Taiwan Semiconductor Manufacturing Company (TSMC) is by far …

• Steve Holden
• February 28, 2023
• GEM Insights
• 0 Comments

270 emerging market Funds, AUM $360bn Greece: Confidence Returns Among EM Investors Active EM investors are beginning to pay renewed attention to Greece as evidenced by record average weights, increasing fund ownership and a net overweight stance.   Time-Series & Peer Group Positioning Greek allocations among active EM investors have risen to record levels.  With Russia’s deletion from the CEEMEA …

• Steve Holden
• January 15, 2023
• GEM Insights
• 0 Comments

276 Active GEM Funds, AUM $343bn. 2022 Performance & Attribution Report In this report, we provide an overview of 2022 performance among the GEM active funds in our analysis. We look at annual performance broken down by Style and Market Cap focus, together with longer-term analysis of active versus passive. We then identify the drivers behind 2022 performance based on …

• Steve Holden
• November 21, 2022
• GEM Insights
• 0 Comments

278 ACTIVE GEM FUNDS, AUM $312BN Underweight Stock Risks in EM Active Emerging Market investors face a myriad of risks when constructing and running a portfolio. One of those is benchmark risk, with even the most active of managers required to state relative performance versus their benchmark. In this summary piece, we identify the largest aggregate underweight stock positions among …

• Steve Holden
• November 17, 2022
• GEM Insights
• 0 Comments

278 ACTIVE GEM FUNDS, AUM $312BN Saudi Arabia Financials: New Highs The ownership picture for Saudi Arabian Financial stocks is changing. The addition of Saudi Arabia to the MSCI Emerging Markets index, high oil prices, China concerns and a pullback in Tech have all worked in Saudi’s favour over the last couple of years. Time Series Analysis & Stock Holdings …

• Steve Holden
• September 21, 2022
• GEM Insights
• 0 Comments

275 ACTIVE GEM FUNDS, AUM $370BN EMEA Focus: Allocations Hit All-Time Lows In this piece, we provide a comprehensive analysis of EMEA country positioning among active GEM equity funds. After the demise of Russia, active EM managers are positioned at their lowest ever levels in the EMEA region, moving from a multi-year overweight to a key underweight in little over …