Emerging Markets Leaders Strategy
Emerging Markets Leaders Strategy

Emerging Markets Leaders Strategy

 
 
 
Summary

The Emerging Markets Leaders Strategy seeks to deliver steady and sustainable returns over a longer course of time. The Strategy provides investors exposure to future growth industries and identifies what we consider to be the leading companies within those industries. The Strategy also chooses a focused number of high-quality, well-managed companies exhibiting strong capital discipline. Our approach seeks lower volatility and steady compounding growth to help deliver sustainable returns over the long run.

5-7%
Target Alpha
30-40%
Turnover Range
8-10%
Expected Tracking Error
2011
Inception Date
 
 
Investment Approach
Philosophy

Drawing on the Global Emerging Markets Equity team’s insight into the drivers of growth in emerging markets, the team seeks to identify secular, structural themes that support steady company earnings. The team bases its investment philosophy on proprietary research that shows how both macro-level and stock-specific factors can drive risks and returns in emerging markets. As a result, the team seeks to add value by integrating macro-thematic research and bottom-up stock selection with a growth bias. 

The team believes that in the long term, the dynamics of emerging markets can be beneficial to the earnings of selective growth companies. Rather than focus on short-term cyclical bubbles, the team takes a thematic approach to investing by identifying longer-term trends that are not fully appreciated by market participants. As often as possible, the team takes contrarian positions that allow them to discover sound reasons why the consensus overlooks or ignores elements of an opportunity where positive change may yet occur.

 

 
Differentiators
Forward-looking theme

The team identifies the most important investment growth themes in the emerging markets, and apply extensive bottom-up research to select the stocks they believe are best-placed to benefit. They seek to avoid volatile business models that can destroy value during down markets.

Benchmark-agnostic growth

The team expands the universe to include companies that earn a majority of their revenues from emerging markets, but target only 30 to 40 companies with a focus on growth and quality. Their approach is risk-managed and untied to a benchmark, with an expected high tracking error and lower standard deviation.                                                               

Compounding effects

The team seeks to outperform in declining markets and reduce a portion of the volatility inherent in emerging market equities. They believe this has led to higher, more stable returns over time through the potential power of compounding.

 
 
 
Investment Process
1
Thematic Growth

In identifying thematic growth, the team looks for underpenetrated industries, country-driven opportunities, low-capital intensity and competition, and minimal government involvement.

2
High-Quality Companies

The team looks for robust corporate goverence, strong management, earning predictability and growing market share.

3
Entry and Exit Prices

The team then looks for entry, sizing, and exit prices to construct the final portfolio. The final portfolio consists of approximately 30 to 40 high-quality companies with a growth bias. They target annual turnover of 30 to 40 percent.

 
 
Portfolio Managers
Managing Director
24 years industry experience
Executive Director
13 years industry experience
 
 
 
 

ご案内の運用戦略の中には、日本でご紹介していないものも含まれています。また、受託資産額が運用上限に達したため受託を一時的に停止している運用戦略が含まれている場合があります。詳細につきましては、お問い合わせ下さい。

リスクについて

受託資産の運用は、受託資産に組入れられた株式その他の有価証券等の価格変動リスクや株式その他の有価証券等の発行体の信用リスク等による影響を受けます。受託資産の運用による損益はすべてお客様に帰属し、元本が保証されているものではなく、元本損失又は受託資産に関して行われる取引に際し預託すべき委託証拠金その他の保証金の額を上回ることとなるおそれがあります。個別の受託資産ごとに投資対象資産の種類や投資制限、取引市場、投資対象国等が異なることから、リスクの内容や性質が異なりますので、投資一任契約を締結する際には、契約締結前交付書面をよくご覧ください。

受託資産の運用に係る費用について

投資顧問契約及び投資一任契約に係る投資顧問報酬として、契約資産額に対して年率2.16%(税込)を上限とする料率を乗じた金額が契約期間に応じてかかります。投資一任契約に基づいて投資信託を組み入れる場合は、投資する投資信託に係る費用等が投資顧問報酬に加えてかかる場合があります。また、一部の戦略では投資顧問報酬に加えて成功報酬がかかる場合があります。その他の費用として、組み入れ有価証券の売買手数料、先物・オプション取引に要する費用、有価証券の保管費用等を間接的にご負担頂いただく場合があります。これらの手数料等は契約内容、契約資産の額、運用状況等により異なる為、事前に料率、上限額等を示すことができません。

当ページの情報は、モルガン・スタンレー・インベストメント・マネジメント株式会社(以下、当社)が、投資一任契約においてご提供する運用プロダクトについての情報提供を目的として作成したものです。本資料は当社が信頼できると判断した情報を元に、十分な注意を払い作成しておりますが、当社はその正確性や完全性をお約束するものではありません。