SlideShare uma empresa Scribd logo
1 de 32
Baixar para ler offline
Emerging Market Fund Manager Guy Rodwell April 2010
Contents ,[object Object],[object Object],[object Object]
Guy Rodwell ,[object Object],[object Object],[object Object],[object Object],[object Object]
Highlights ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Emerging market fund managed by Guy Rodwell Net performance Fund Fund Fund 3 years 1 year Year to date
Entrepreneurship ,[object Object],[object Object],[object Object],… je te remercie vivement pour ta contribution à cette prise de conscience forte du rôle des marchés émergents. En tant que fidèle client (à titres professionnel et privé) depuis de nombreux mois de Saint Honoré Emerging Opportunités, j'ai toujours suivi avec attention la gestion que tu mettais en œuvre sur cet univers complexe, hétérogène et plein de promesses… … I warmly thank you for your contribution to expanding my understanding of emerging markets. As a faithful client for many months of Saint-Honoré Emerging Opportunités (on a personal and professional basis), I have always closely followed your management of the fund in a universe that is complex, varied and full of promise… Emerging market client, 2009
Investment analysis – four pillars ,[object Object],[object Object],[object Object],[object Object]
Observation over many years has taught us that chief losses to investors come from the purchase of low-quality securities at times of favourable business conditions.  - Benjamin Graham
[object Object],[object Object],[object Object],Why franchise quality counts Based  on study by Rob Arnott, Research Affiliates as highlighted in article "Future tips from past clairvoyants", FT 10/8/09
Franchise quality ,[object Object],[object Object],[object Object],[object Object],Is this a world-class business that can generate significant shareholder value?
Franchise quality ,[object Object],[object Object],[object Object]
Price momentum ,[object Object],[object Object],[object Object]
Those who have knowledge don't predict. Those who predict don't have knowledge. - Lao Tzu
[object Object],[object Object],Earnings momentum
[object Object],[object Object],Valuation – a holistic approach
[object Object],Valuation vs peers
[object Object],[object Object],Valuation vs history
Valuation - intrinsic ,[object Object],[object Object],[object Object],[object Object]
Investment process summarised
Risks ,[object Object],[object Object],[object Object]
Predicting rain doesn’t count; building arks does . - Warren Buffett
Conclusion ,[object Object],[object Object],[object Object]
Why an emerging markets fund? ,[object Object],[object Object],[object Object],[object Object]
The long term snapshot
Medium term winds are positive ,[object Object],[object Object],[object Object],Emerging markets interest rates  & GDP growth
Long term debt trends are very positive Source: Pimco
Risks to Emerging Markets ,[object Object],[object Object],[object Object],Market betas to MSCI World
Vale ,[object Object],[object Object],[object Object],[object Object],Business quality Value drivers ,[object Object],[object Object],[object Object],Mining - Brazil 2009 2010 2011 PE 25.8 19.6 17.5 EV/EBITDA 12.3 9.7 8.8 PBV 2.4 2.2 2.0
Sberbank Business quality Value drivers ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Bank - Russia 2009 2010 2011 ROE 1.5% 9.8% 20.9% PE nm 16.4 6.8 PBV 1.9 1.7 1.3
China Taiping Insurance Business quality Value drivers ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Insurance - China 2009 2010 2011 ROE 14.8 11.6 12.9 PE 30.7 28.0 21.1 P/EmbV 2.7 2.3 1.8
Guy Rodwell [email_address] +33 642 12 25 04 2 avenue des Etats-Unis 78000 Versailles France
This presentation and the information (Information) herein represents the views and opinions of Guy Rodwell  (the Author).  The Information is based on publicly available sources gathered at the time of writing.  The Information and views presented may change without notice. The Author has given due care and attention to the preparation of the presentation and the Information, but cannot guarantee its accuracy or completeness and accepts no responsibility for the accuracy of his sources.  No steps have been taken to independently verify the Information.  The Author is not obliged to make amendments or changes to this publication should errors be discovered or opinions or information change.  Special attention should be given to the fact that projections can vary in both positive and negative ways and are subject to uncertainty and contingencies, many of which are outside of the control of the Author. The Information shall not be interpreted as advice on the purchase or sale of specific financial instruments. The Author bears no responsibility in any instance for loss which may result from reliance on the Information. The Author holds copyright to the Information, unless expressly indicated otherwise or this is self-evident from its nature. Express permission from the Author is required to republish the Information or to distribute or copy such information. This shall apply regardless of the purpose for which it is to be republished, copied or distributed. Transactions with financial instruments by their very nature involve high risk. Historical price changes are not necessarily an indication of future price trends. Investors are encouraged to acquire general information from the Author or other expert advisors on the nature of securities trading, investment issues, taxation, etc. in connection with securities transactions. Disclaimer

Mais conteúdo relacionado

Mais procurados

Global Investment Opportunities- a low-cost passive 'buy-and-hold' strategy
Global Investment Opportunities- a low-cost passive 'buy-and-hold' strategyGlobal Investment Opportunities- a low-cost passive 'buy-and-hold' strategy
Global Investment Opportunities- a low-cost passive 'buy-and-hold' strategyBlockchain and CryptoAsset (K) Ltd.
 
4 future financial trends you can't ignore
4 future financial trends you can't ignore4 future financial trends you can't ignore
4 future financial trends you can't ignoreOnline Finance Academy
 
Efficient Market Hypothesis
Efficient Market HypothesisEfficient Market Hypothesis
Efficient Market HypothesisAshish Anand
 
The intelligent investor
The intelligent investorThe intelligent investor
The intelligent investorManoj bhuma
 
Value Investing Lecture at IIM Lucknow
Value Investing Lecture at IIM LucknowValue Investing Lecture at IIM Lucknow
Value Investing Lecture at IIM LucknowRajeev Agrawal
 
Code of Ethics | CMT Level 3 | Chartered Market Technician | Professional Tra...
Code of Ethics | CMT Level 3 | Chartered Market Technician | Professional Tra...Code of Ethics | CMT Level 3 | Chartered Market Technician | Professional Tra...
Code of Ethics | CMT Level 3 | Chartered Market Technician | Professional Tra...Professional Training Academy
 
Security Analysis and Portfolio Theory
Security Analysis and Portfolio TheorySecurity Analysis and Portfolio Theory
Security Analysis and Portfolio TheoryScott Rogerson
 
2nd Qrt 2010 8 Page Final
2nd Qrt 2010 8 Page Final2nd Qrt 2010 8 Page Final
2nd Qrt 2010 8 Page Finalmjdeschaine
 
Ch07 mish11 embfm
Ch07 mish11 embfmCh07 mish11 embfm
Ch07 mish11 embfmRob Sears
 
CHAPTER 1: INTRODUCTION TO BINARY OPTIONS TRADING
CHAPTER 1: INTRODUCTION TO BINARY OPTIONS TRADINGCHAPTER 1: INTRODUCTION TO BINARY OPTIONS TRADING
CHAPTER 1: INTRODUCTION TO BINARY OPTIONS TRADINGanyoption
 
Tamohara investment newsletter September 2015
Tamohara investment newsletter  September 2015Tamohara investment newsletter  September 2015
Tamohara investment newsletter September 2015tamohara
 
Fundamental and technical analysis
Fundamental and technical analysisFundamental and technical analysis
Fundamental and technical analysisGerry Gatawa
 
Behavioral finance
Behavioral financeBehavioral finance
Behavioral financeEkrem Tufan
 
Power of behavioral finance
Power of behavioral financePower of behavioral finance
Power of behavioral financeChintan Radia
 
CHW Vol 13 Isu 4 April Quarterly Genuity
CHW Vol 13 Isu 4 April Quarterly GenuityCHW Vol 13 Isu 4 April Quarterly Genuity
CHW Vol 13 Isu 4 April Quarterly GenuityJ Scott Miller
 

Mais procurados (20)

Global Investment Opportunities- a low-cost passive 'buy-and-hold' strategy
Global Investment Opportunities- a low-cost passive 'buy-and-hold' strategyGlobal Investment Opportunities- a low-cost passive 'buy-and-hold' strategy
Global Investment Opportunities- a low-cost passive 'buy-and-hold' strategy
 
4 future financial trends you can't ignore
4 future financial trends you can't ignore4 future financial trends you can't ignore
4 future financial trends you can't ignore
 
Pradeep
PradeepPradeep
Pradeep
 
Efficient Market Hypothesis
Efficient Market HypothesisEfficient Market Hypothesis
Efficient Market Hypothesis
 
The intelligent investor
The intelligent investorThe intelligent investor
The intelligent investor
 
Pursuing a Better Investment Experience
Pursuing a Better Investment ExperiencePursuing a Better Investment Experience
Pursuing a Better Investment Experience
 
Value Investing Lecture at IIM Lucknow
Value Investing Lecture at IIM LucknowValue Investing Lecture at IIM Lucknow
Value Investing Lecture at IIM Lucknow
 
Code of Ethics | CMT Level 3 | Chartered Market Technician | Professional Tra...
Code of Ethics | CMT Level 3 | Chartered Market Technician | Professional Tra...Code of Ethics | CMT Level 3 | Chartered Market Technician | Professional Tra...
Code of Ethics | CMT Level 3 | Chartered Market Technician | Professional Tra...
 
Security Analysis and Portfolio Theory
Security Analysis and Portfolio TheorySecurity Analysis and Portfolio Theory
Security Analysis and Portfolio Theory
 
Security Analysis And Portfolio Managment
Security Analysis And Portfolio ManagmentSecurity Analysis And Portfolio Managment
Security Analysis And Portfolio Managment
 
2nd Qrt 2010 8 Page Final
2nd Qrt 2010 8 Page Final2nd Qrt 2010 8 Page Final
2nd Qrt 2010 8 Page Final
 
Ch07 mish11 embfm
Ch07 mish11 embfmCh07 mish11 embfm
Ch07 mish11 embfm
 
CHAPTER 1: INTRODUCTION TO BINARY OPTIONS TRADING
CHAPTER 1: INTRODUCTION TO BINARY OPTIONS TRADINGCHAPTER 1: INTRODUCTION TO BINARY OPTIONS TRADING
CHAPTER 1: INTRODUCTION TO BINARY OPTIONS TRADING
 
Tamohara investment newsletter September 2015
Tamohara investment newsletter  September 2015Tamohara investment newsletter  September 2015
Tamohara investment newsletter September 2015
 
Fundamental and technical analysis
Fundamental and technical analysisFundamental and technical analysis
Fundamental and technical analysis
 
Gmo case-final
Gmo case-finalGmo case-final
Gmo case-final
 
Behavioral finance
Behavioral financeBehavioral finance
Behavioral finance
 
FIRE ALL FINANCIAL ADVISORS
FIRE ALL FINANCIAL ADVISORSFIRE ALL FINANCIAL ADVISORS
FIRE ALL FINANCIAL ADVISORS
 
Power of behavioral finance
Power of behavioral financePower of behavioral finance
Power of behavioral finance
 
CHW Vol 13 Isu 4 April Quarterly Genuity
CHW Vol 13 Isu 4 April Quarterly GenuityCHW Vol 13 Isu 4 April Quarterly Genuity
CHW Vol 13 Isu 4 April Quarterly Genuity
 

Semelhante a Emerging Market fund proposal

Basics-of-Investment-in-Financial-Market.pptx
Basics-of-Investment-in-Financial-Market.pptxBasics-of-Investment-in-Financial-Market.pptx
Basics-of-Investment-in-Financial-Market.pptxTaslimaBinteKamal1
 
True-Insight-Spring-2016-1
True-Insight-Spring-2016-1True-Insight-Spring-2016-1
True-Insight-Spring-2016-1Barrie Kent
 
mi-late-cycle-investing-en.pptx
mi-late-cycle-investing-en.pptxmi-late-cycle-investing-en.pptx
mi-late-cycle-investing-en.pptxSurajAgrahari2
 
Right team, right story, right price
Right team, right story, right priceRight team, right story, right price
Right team, right story, right priceMaria Pinelli
 
Market Volatility - Fight or Flight
Market Volatility - Fight or FlightMarket Volatility - Fight or Flight
Market Volatility - Fight or FlightIan Po
 
RFP-Financial Market Analysis Course.pdf
RFP-Financial Market Analysis Course.pdfRFP-Financial Market Analysis Course.pdf
RFP-Financial Market Analysis Course.pdfJorielDelaCruz
 
Quarterly report for our investors - Third Quarter 2018
Quarterly report for our investors - Third Quarter 2018Quarterly report for our investors - Third Quarter 2018
Quarterly report for our investors - Third Quarter 2018BESTINVER
 
Quarterly report for our investors - First Quarter 2018
Quarterly report for our investors - First Quarter 2018Quarterly report for our investors - First Quarter 2018
Quarterly report for our investors - First Quarter 2018BESTINVER
 
KDGF Investor letter Feb14
KDGF Investor letter Feb14KDGF Investor letter Feb14
KDGF Investor letter Feb14Kevin Dougherty
 
Introduction to Theme Based Investing
Introduction to Theme Based InvestingIntroduction to Theme Based Investing
Introduction to Theme Based InvestingGene Balas, CFA
 
A Lecture At The George Washington University
A Lecture At The George Washington UniversityA Lecture At The George Washington University
A Lecture At The George Washington UniversityCarmen Martinez
 
Galloway Capital - December 11
Galloway Capital - December 11Galloway Capital - December 11
Galloway Capital - December 11andrepsimon
 
September 13 Quarterly: Gotta' know when to hold 'em, when to fold 'em
September 13 Quarterly: Gotta' know when to hold 'em, when to fold 'emSeptember 13 Quarterly: Gotta' know when to hold 'em, when to fold 'em
September 13 Quarterly: Gotta' know when to hold 'em, when to fold 'emMark_Krygier
 
Mercer Capital's Value Focus: FinTech Industry | Third Quarter 2015
Mercer Capital's Value Focus: FinTech Industry | Third Quarter 2015  Mercer Capital's Value Focus: FinTech Industry | Third Quarter 2015
Mercer Capital's Value Focus: FinTech Industry | Third Quarter 2015 Mercer Capital
 
PVGO Formula for Equity Valuation (Long Version)
PVGO Formula for Equity Valuation (Long Version)PVGO Formula for Equity Valuation (Long Version)
PVGO Formula for Equity Valuation (Long Version)Michael Ijeh, CAIA
 
Strategic Planning Process - From Conception to Execution
Strategic Planning Process - From Conception to ExecutionStrategic Planning Process - From Conception to Execution
Strategic Planning Process - From Conception to ExecutionMoazzam Rafique
 

Semelhante a Emerging Market fund proposal (20)

Basics-of-Investment-in-Financial-Market.pptx
Basics-of-Investment-in-Financial-Market.pptxBasics-of-Investment-in-Financial-Market.pptx
Basics-of-Investment-in-Financial-Market.pptx
 
True-Insight-Spring-2016-1
True-Insight-Spring-2016-1True-Insight-Spring-2016-1
True-Insight-Spring-2016-1
 
mi-late-cycle-investing-en.pptx
mi-late-cycle-investing-en.pptxmi-late-cycle-investing-en.pptx
mi-late-cycle-investing-en.pptx
 
Right team, right story, right price
Right team, right story, right priceRight team, right story, right price
Right team, right story, right price
 
Market Volatility - Fight or Flight
Market Volatility - Fight or FlightMarket Volatility - Fight or Flight
Market Volatility - Fight or Flight
 
IE Business School
IE Business SchoolIE Business School
IE Business School
 
Investor Education
Investor EducationInvestor Education
Investor Education
 
Head of Equity and SP Debelov
Head of Equity and SP DebelovHead of Equity and SP Debelov
Head of Equity and SP Debelov
 
RFP-Financial Market Analysis Course.pdf
RFP-Financial Market Analysis Course.pdfRFP-Financial Market Analysis Course.pdf
RFP-Financial Market Analysis Course.pdf
 
Quarterly report for our investors - Third Quarter 2018
Quarterly report for our investors - Third Quarter 2018Quarterly report for our investors - Third Quarter 2018
Quarterly report for our investors - Third Quarter 2018
 
Quarterly report for our investors - First Quarter 2018
Quarterly report for our investors - First Quarter 2018Quarterly report for our investors - First Quarter 2018
Quarterly report for our investors - First Quarter 2018
 
KDGF Investor letter Feb14
KDGF Investor letter Feb14KDGF Investor letter Feb14
KDGF Investor letter Feb14
 
Introduction to Theme Based Investing
Introduction to Theme Based InvestingIntroduction to Theme Based Investing
Introduction to Theme Based Investing
 
A Lecture At The George Washington University
A Lecture At The George Washington UniversityA Lecture At The George Washington University
A Lecture At The George Washington University
 
Galloway Capital - December 11
Galloway Capital - December 11Galloway Capital - December 11
Galloway Capital - December 11
 
September 13 Quarterly: Gotta' know when to hold 'em, when to fold 'em
September 13 Quarterly: Gotta' know when to hold 'em, when to fold 'emSeptember 13 Quarterly: Gotta' know when to hold 'em, when to fold 'em
September 13 Quarterly: Gotta' know when to hold 'em, when to fold 'em
 
Credit symfonie
Credit symfonieCredit symfonie
Credit symfonie
 
Mercer Capital's Value Focus: FinTech Industry | Third Quarter 2015
Mercer Capital's Value Focus: FinTech Industry | Third Quarter 2015  Mercer Capital's Value Focus: FinTech Industry | Third Quarter 2015
Mercer Capital's Value Focus: FinTech Industry | Third Quarter 2015
 
PVGO Formula for Equity Valuation (Long Version)
PVGO Formula for Equity Valuation (Long Version)PVGO Formula for Equity Valuation (Long Version)
PVGO Formula for Equity Valuation (Long Version)
 
Strategic Planning Process - From Conception to Execution
Strategic Planning Process - From Conception to ExecutionStrategic Planning Process - From Conception to Execution
Strategic Planning Process - From Conception to Execution
 

Emerging Market fund proposal

  • 1. Emerging Market Fund Manager Guy Rodwell April 2010
  • 2.
  • 3.
  • 4.
  • 5. Emerging market fund managed by Guy Rodwell Net performance Fund Fund Fund 3 years 1 year Year to date
  • 6.
  • 7.
  • 8. Observation over many years has taught us that chief losses to investors come from the purchase of low-quality securities at times of favourable business conditions. - Benjamin Graham
  • 9.
  • 10.
  • 11.
  • 12.
  • 13. Those who have knowledge don't predict. Those who predict don't have knowledge. - Lao Tzu
  • 14.
  • 15.
  • 16.
  • 17.
  • 18.
  • 20.
  • 21. Predicting rain doesn’t count; building arks does . - Warren Buffett
  • 22.
  • 23.
  • 24. The long term snapshot
  • 25.
  • 26. Long term debt trends are very positive Source: Pimco
  • 27.
  • 28.
  • 29.
  • 30.
  • 31. Guy Rodwell [email_address] +33 642 12 25 04 2 avenue des Etats-Unis 78000 Versailles France
  • 32. This presentation and the information (Information) herein represents the views and opinions of Guy Rodwell (the Author). The Information is based on publicly available sources gathered at the time of writing. The Information and views presented may change without notice. The Author has given due care and attention to the preparation of the presentation and the Information, but cannot guarantee its accuracy or completeness and accepts no responsibility for the accuracy of his sources. No steps have been taken to independently verify the Information. The Author is not obliged to make amendments or changes to this publication should errors be discovered or opinions or information change. Special attention should be given to the fact that projections can vary in both positive and negative ways and are subject to uncertainty and contingencies, many of which are outside of the control of the Author. The Information shall not be interpreted as advice on the purchase or sale of specific financial instruments. The Author bears no responsibility in any instance for loss which may result from reliance on the Information. The Author holds copyright to the Information, unless expressly indicated otherwise or this is self-evident from its nature. Express permission from the Author is required to republish the Information or to distribute or copy such information. This shall apply regardless of the purpose for which it is to be republished, copied or distributed. Transactions with financial instruments by their very nature involve high risk. Historical price changes are not necessarily an indication of future price trends. Investors are encouraged to acquire general information from the Author or other expert advisors on the nature of securities trading, investment issues, taxation, etc. in connection with securities transactions. Disclaimer