{"id":87826,"date":"2023-11-23T03:33:39","date_gmt":"2023-11-23T08:33:39","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/a-fund-that-focuses-on-emerging-market-dividend-plays\/"},"modified":"2023-11-23T03:33:41","modified_gmt":"2023-11-23T08:33:41","slug":"a-fund-that-focuses-on-emerging-market-dividend-plays","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=87826","title":{"rendered":"A Fund That Focuses on Emerging Market Dividend Plays"},"content":{"rendered":"
\n

U.S. stocks aren\u2019t the only game in town for income investors, despite the outsize attention commanded by big dividend stocks such as Coca-Cola and Johnson & Johnson.<\/p>\n

Recently, the MSCI Emerging Markets Index yielded 2.9%, nearly double the
\n S&P 500
\n \u2018s 1.6%.<\/p>\n

\n

For more than 20 years, Rahul Sharma, a portfolio manager at Schafer Cullen Capital Management, has plumbed various emerging markets for worthy dividend stocks. Although Sharma is a value investor, he\u2019s flexible and will pay more for growthier stocks, provided he thinks the valuations are reasonable and the companies\u2019 fundamentals are sound.<\/p>\n

\u201cWhat has always intrigued me is just how much great exposure you can get to great growth and great themes\u201d in emerging markets, he says.<\/p>\n

The $536 million
\n Cullen Emerging Markets High Dividend
\n fund (ticker: CEMDX) has a 10-year annual return of 3.7%, including dividends, besting 86% of its Morningstar peers. Sharma has played a key role in running the fund since it launched in 2012. He joined the firm in 2000, having studied mathematics at The College of William & Mary while wrestling on the school\u2019s team.<\/p>\n

Sharma says he learned some life lessons on the mat. \u201cI didn\u2019t get pinned too much, but sometimes you do get beat,\u201d he says. \u201cYou have to get up and carry on.\u201d<\/p>\n

Sharma and his investment team use screens to whittle down the universe of stocks to a manageable number. Then, they do more analysis, including talking to management teams. \u201cWe\u2019re very focused on having strong free cash flows to support dividends,\u201d he says.<\/p>\n

The portfolio\u2019s dividend yield was recently at 5.3%, compared with about 3.3% for the MSCI Emerging Market Index, its benchmark. Sharma observes that \u201ccountry factors matter a lot more in emerging markets, and you need tools to be able to analyze those risks.\u201d<\/p>\n

For example, he sold most of the fund\u2019s Russia holdings prior to Russia\u2019s invasion of Ukraine in 2022.<\/p>\n

The Cullen emerging market dividend fund\u2019s country allocations include being underweight China, equal weight Taiwan, and overweight India, Mexico, Greece, and Brazil.<\/p>\n

Sharma views India as \u201cthe new China,\u201d noting that it \u201chas a lot going for it. They have a comparative advantage with regards to labor, which is large, skilled, and often English speaking\u2014and it\u2019s a young workforce.\u201d<\/p>\n

One of the fund\u2019s holdings is
\n NHPC
\n (NHPC.India), a large operator of hydropower generating plants in India. Not surprisingly, Sharma sees it as a play on renewable energy. The stock recently traded at 12.5 times earnings and sported a dividend yield of 3.6%.<\/p>\n

Sharma incorporates global macro investment themes into his stock-picking. Mexico, for example, is benefiting from reshoring\u2014that is, foreign companies repositioning their supply chains there in order to reduce dependence on China after the major supply disruptions that occurred during the pandemic. Mexico, he adds, \u201chas a very large labor force that\u2019s very hard working.\u201d<\/p>\n

One of the fund\u2019s holding is
\n Prologis Property Mexico
\n (FIBRAPL.Mexico), a leading Mexican real estate investment trust, which recently yielded around 3%.<\/p>\n

And Greece had a severe financial crisis in 2009 when its economy was overwhelmed by debt, but has since bounced back. One of his holdings is
\n Mytilineos
\n (MYTIL.Greece), an industrial conglomerate and aluminum producer with a dividend yield of 3.5%. <\/p>\n

Email: <\/strong>editors@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

U.S. stocks aren\u2019t the only game in town for income investors, despite the outsize attention commanded by big dividend stocks such as Coca-Cola and Johnson & Johnson. Recently, the MSCI Emerging Markets Index yielded 2.9%, nearly double the S&P 500 \u2018s 1.6%. For more than 20 years, Rahul Sharma, a portfolio manager at Schafer Cullen […]<\/p>\n","protected":false},"author":1,"featured_media":87827,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-87826","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nA Fund That Focuses on Emerging Market Dividend Plays | iFintechWorld<\/title>\n<meta name=\"description\" content=\"U.S. stocks aren\u2019t the only game in town for income investors, despite the outsize attention commanded by big dividend stocks such as Coca-Cola and\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=87826\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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