The man who refers to himself as \u201cthe Indiana Jones of emerging market investing,\u201d Mark Mobius, said Friday that he will step back from the investment company he helped found five years ago. <\/p>\n
Not unlike the screen star, who as Harrison Ford in \u201cIndiana Jones: The Dial of Destiny\u201d ultimately decided he just wasn\u2019t up for the huge adventures anymore, the 87-year old Mobius, also appears ready to slow down. <\/p>\n
\n
Known as a pioneer in emerging markets, Mobius will step back from Mobius Capital Partners, which he co-founded in 2018 with Carlos Hardenberg, who will lead the firm that will continue to run Mobius Investment Trust
\n MMIT,
\n +2.01%<\/bg-quote>,<\/span>
\n the closed-end fund that listed on the London Stock Exchange five years ago. <\/p>\nHardenberg has worked with Mobius for over 23 years, according to a company press release. <\/p>\n
Mobius formed Mobius Capital Partners after three decades at Franklin Templeton as a well-respected value manager. Among his famed calls was correctly predicting the start of the lengthy bull market in 2009, when he cautioned investors not to miss out on opportunities due to the uncertainties of the global financial crisis.<\/p>\n
In his farewell, Mobius said the investment team\u2019s \u201cstrong performance during the last five years\u2026proves that a concentrated and differentiated portfolio of high-quality stocks can generate exceptional returns.\u201d<\/p>\n
Speaking to MarketWatch, Hardenberg said it has been \u201cfive difficult years,\u201d for the fund, as he rattled off a list of headwinds, including the pandemic, Russia\u2019s war in Ukraine, risk aversion, China\u2019s struggles and election cycles in the U.S. and elsewhere. <\/p>\n
\u201cThere hasn\u2019t been a huge amount of appetite,\u201d for those emerging markets,\u201d he said. \u201cWhile we generated 40% in terms of net asset value, the market has generated zero.\u201d <\/p>\n
MMIT\u2019s shares price is up 37% since inception, but year-to-date is flat. The fund\u2019s top three investment regions are Taiwan, India and South Korea, with a 61% weighting to technology, followed by 12.9% in healthcare. Technology companies LEENO Industrial
\n 058470,
\n -1.71%<\/bg-quote>
\n and EPAM Systems
\n EPAM,
\n -0.70%<\/bg-quote>,<\/span>
\n and medical device maker Classys
\n 214150,
\n -4.33%<\/bg-quote>
\n are its top three holdings.<\/p>\nBut Hardenberg said it\u2019s an \u201cinteresting time,\u201d to be looking at emerging markets, with fundamentals robust even amid a continuing postpandemic recovery, where China hasn\u2019t come back to normal and demand is subdued, the strong U.S. dollar has taken a toll, and interest rates continue to weigh on consumers.<\/p>\n
In the coming two to four years, he expects some balance to come back as the current discount that emerging markets trade at against the U.S. or Europe is \u201ctoo large.\u201d <\/p>\n
He said they are focusing on three areas, the first India, \u201cbut not the India known to the regular emerging market investor. We\u2019re looking at small and medium-size companies, not very well studied or understood,\u201d of which he says there are over 5,000 listed names. <\/p>\n
\u201cYou have a rare combination of very pro-business public sector policy reforms and an incredible deep pool of talented entrepreneurs. This is India\u2019s movement,\u201d he said.<\/p>\n
The second country they like is Korea, for its pro-business government that sees a chance to take market share from Taiwan, China and other countries. \u201cWe\u2019re largely targeting export-oriented industries so Korea to us is the better China,\u201d he said. <\/p>\n
Also Asian consumers \u201clove anything that\u2019s made in Korea,\u201d he said. They have recently added to their position in Park Systems
\n 140860,
\n -1.29%<\/bg-quote>,<\/span>
\n which makes atomic force microscopy or high resolution scanning of almost any kind of surface. <\/p>\nBrazil is also a favorite for the company, largely because of its large domestic market and strong exports, such as green energy, he says. \u201cThey have a lot to offer,\u201d such as the recovery of the consumer, as inflation has started to normalize from soaring to 14% last year, and business conditions for the private sector also improve, he said. <\/p>\n
Hardenberg said they remain cautious on China because direct investing can risk exposure to domestic enterprises with \u201cvolatile management teams, obscure accounting standards,\u201d and varied communications with its companies. <\/p>\n
\u201cI think China has plenty of opportunities to come out of this crisis in a decent way to land on their feet and the growth there around 5% is not that bad,\u201d he said. As well, consumers want more services, healthcare and luxury, but they just prefer to invest in those companies outside of China, such as Korea and other parts of southeast Asia that operate successfully in that country, he said.<\/p>\n<\/p><\/div>\n
Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"The man who refers to himself as \u201cthe Indiana Jones of emerging market investing,\u201d Mark Mobius, said Friday that he will step back from the investment company he helped found five years ago. Not unlike the screen star, who as Harrison Ford in \u201cIndiana Jones: The Dial of Destiny\u201d ultimately decided he just wasn\u2019t up […]<\/p>\n","protected":false},"author":1,"featured_media":83836,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-83835","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\n
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