Posted January 9, 2023 2:39 pm by Comments

This post (subject to being updated from time to time) is intended to act as a further disclaimer for and outline the purposes of the following types of posts starting with the first two (non-paywalled examples):

These posts are intended to analyse and summarize emerging or frontier market focused fund stock picks (or their bonds) and country commentaries coming from the monthly, quarterly, half-year, and annual reports along with any other publicly available materials (newsletters, articles, regulatory filings, interviews etc.) by various actively managed funds from around the world.

Please note the focus of these posts will NOT be on the funds themselves (e.g. their performance, fees, NAVs, etc). Anyone interested in learning more about any fund mentioned MUST go to the fund’s website (or to the stock exchange website for where the fund is listed) where you will likely be asked to select the type of investor you are, what jurisdiction you are in, etc.

The benefit of reading any publicly available fund commentary or filing about specific stock picks they may hold in their portfolios include:

  • Fund managers have (hopefully…) talked to and visited (on-site) with company management.
  • The stock picks should be the better managed and more liquid emerging market stocks open to foreign investors e.g. via the OTC market (for American investors), foreign stock exchanges (e.g. London), accounts with major brokerage firms, etc.
  • The stock picks will likely have a corporate website with an investor relations section or a separate IR site containing detailed financials and other relevant financial or stock information. As much as possible, I will try to link the stock pick names to their IR or corporate websites or pages.
  • Earnings call recordings or transcripts with investor Q&As may be available on sites such as Seeking Alpha. They might even be posted on the stock’s IR site.
  • Financials (hopefully…) audited by internationally accredited accounting firms. Given recent accounting scandals (e.g. Lojas Americanas), this may or may not make a difference…

These posts will start as a weekly post (emailed Tuesdays, 9AM EST USA time on Substack – any non-paywalled portion may appear earlier on our website under the Newsletter category) only for paid subscribers – depending on the updates and other information that becomes publicly available.

Monthly fund factsheets are typically updated within days or a couple of weeks of the end of the previous month. The better factsheets offer at least a few paragraphs of commentary about the month e.g what stock picks were the best or worst performers (and why), a macro overview of the economy (of the country, region, etc.), and key events (economic, political, monetary, etc.), etc.

Funds typically do much longer half-year and annual reports (depending on their financial year ends) containing more extensive stock, sector, and country commentary (that is often buried deep in the reports). Even though there is a time lag (as much as several weeks for an annual report to be completed and publicly available), they still contain interesting stock picks and valuable commentary about them and the countries they are based or operate in.

Note: All the end-of-the-year holidays plus the Lunar New Year (starting January 22, 2023) might have disrupted the availability and public posting of reports. It will take a little more time for me to have a better idea of when, after a month, quarter, or financial year ends, reports become publicly available and to better organize some of the content of my posts. However, I will attempt to have stock picks from a good representation of emerging markets around the world in every post.

The goals:

  • To offer readers something better than a limited number of in-depth “stock picking” idea articles about specific stocks from sectors or countries that may or may not interest all readers.
  • To help readers (and myself included) identify and learn about other emerging market stock picks and countries that don’t get the same level of coverage or attention in western business media as, for example, Alibaba and China might get.
  • I am NOT be a fan of investing in tech, unproven new technologies (e.g. EVs – as I remember what happened to 3D printer stocks, stocks, etc.) or so-called “new economy” or “energy transition” and (especially…) ESG types of opportunities. I tend to prefer “old economy” stocks and countries with “hard” (rather than financialized or debt financed service-based) economies (see Emerging Market Country Selection in a Multipolar World: Twelve Things to Consider). HOWEVER, if EM funds are talking about or investing in such stock picks, these posts will still cover them.

It is hoped that these posts will save readers time (e.g. as its tedious to search, check for, and read fund filings and compile the useful titbits like stock pick commentaries) and serve as a good starting point for a more in-depth investment analysis by readers and myself included as I may start to do my own detailed write-ups of stock picks identified in these posts (once I come up with an appropriate format).

Over time, these posts will become a valuable library of fund screened emerging market stock picks for subscribers to refer back to.

Any comments or suggestions would be appreciated.

Disclaimer. The information and views contained on this website and newsletter is provided for informational purposes only and does not constitute investment advice and/or a recommendation. Your use of any content is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness of the content. Seek a duly licensed professional for any investment advice. I may have positions in the investments covered. This is not a recommendation to buy or sell any investment mentioned.

DISCLAIMER: EM Fund Stock Picks & Country Commentaries Posts was also published on our Substack.

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