Art Of Boring

Portfolio Manager Wen Cheong debunks the perceived challenges of investing in the emerging market space, highlighting his team’s concentrated approach and candour. He details how his focus on best-in-class management and passion for identifying attractive valuations has powered returns.   Key points from this episode:   • Small-cap companies are a pond with fewer rocks; opportunities can be found in steady, established businesses with competitive advantages. • The slump in semiconductor demand in 2023 was primarily driven by a normalization in post-pandemic demand and macro challenges leading to an inventory de-stocking cycle. • The EM team makes decisions for the portfolio entirely on a bottom-up basis with a slight macro overlay. • Even in areas with geopolitical uncertainty, opportunities can be found in well-run, high-quality companies with attractive valuations. • The emerging markets space remains full of diverse opportunities for those willing to do the deep dive.   Host: Rob Campbell, CFA, Institution