Beyond Macro: A Value Lens on Emerging Markets Equity

Most investors approach emerging markets top-down: country-level macro calls, currency bets, commodity cycles. But what if those assumptions are exactly what gets in the way of potential returns? What if the single most important variable isn't the macro backdrop, but the price you pay?

On this episode of Disruptive Forces, host Anu Rajakumar is joined by Vera German and Juan Torres, Portfolio Managers on Neuberger's Emerging Markets Equity team, to discuss why a disciplined value lens may be the most natural — and most overlooked — way to approach emerging market equities.

Together, they discuss:

Why fast-growing economies have often produced lackluster equity returns
How state-owned enterprises are misunderstood, and why blanket avoidance may leave value on the table
What's wrong with benchmarking to the MSCI Emerging Markets Index
Where the valuation screen is pointing today, including Southeast Asia, Brazil, and China — and where to avoid
How the team manages risk and position sizing in a concentrated, high-conviction portfolio
Why emerging markets may be one of the most compelling asset classes for active, value-oriented investors today

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