Contrary to the rise of globalization and the commodities super cycle over the past 20 years, emerging markets now face a host of unique conditions that will help determine their attractiveness for investors.
The Janus Henderson Emerging Market Equities Team believe we have moved beyond "peak globalization" and are entering a new phase of deglobalization where investment returns will require active management, incorporating top-down country and bottom-up company analysis within a framework of both political and corporate governance.
The two pillars that drove EM returns over past decades – outsourcing and convergence – will, in the team’s view, increasingly be complemented by the emergence of innovation as a driving force of future returns.
These are the views of the author at the time of publication and may differ from the views of other individuals/teams at Janus Henderson Investors. Any securities, funds, sectors and indices mentioned within this article do not constitute or form part of any offer or solicitation to buy or sell them.
Past performance does not predict future returns. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested.
The information in this article does not qualify as an investment recommendation.
Matthew Culley is a Portfolio Manager at Janus Henderson Investors responsible for co-managing the All-Cap Emerging Market Equity and Asia Pacific ex Japan Growth Equity strategies since 2022. Additionally, he serves as a Research Analyst focused on the Communications, Technology and Consumer sectors. Before joining the firm as an assistant portfolio manager in 2019, Matthew was a co-portfolio manager on a global equity fund and an analyst covering global equities, including global and emerging market consumer and technology, at Putnam Investments. He started with Putnam in 2008 as an investment associate on the equities team.
Matthew earned a bachelor of science degree in finance and economics from Boston College. He has 15 years of financial industry experience.
Daniel J. Graña is Portfolio Manager, Emerging Market Equity at Janus Henderson Investors, a position he has held since joining the firm in 2019. Daniel is responsible for co-managing the Emerging Market Equity and Asia Pacific ex Japan Growth Equity strategies. He is also responsible for the emerging markets sleeve of the International Opportunities strategy. Previously, he managed emerging market equities at Putnam Investments from 2003 and was an analyst on the emerging markets team from 1999 to 2002. Before Putnam, he spent four years in the Latin America investment banking group at Merrill Lynch.
Daniel received bachelor of science degrees in economics and political science from the Massachusetts Institute of Technology and a master of management degree from Northwestern University, Kellogg School of Management. He holds the Chartered Financial Analyst designation and has 28 years of financial industry experience.
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