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You have other options than just following the crowd for valuation opportunities in global emerging markets. Our differentiated investment approach discovers long term value.

WHY INVEST IN GLOBAL EMERGING MARKETS (GEM)

With 2.2 billion people in the middle classes in GEM by 20201, the demand potential being generated from within GEM economies is enormous.

The demographic and urbanisation trends continue to demand substantial investment. While there will be cyclical headwinds over time, structurally the conditions for growth in GEM remains supportive for many years to come.

OUR DIFFERENTIATED APPROACH

Global Emerging Market Equity Strategy

At Eastspring, we look beyond the headlines while most market participants react to the continuous flow of (mis)information. Behavioural biases such as overreaction to new information or herding mentality results in prices rising and falling to a greater extent than rationally justified by companies fundamentals. Our bottom-up fundamental analysis is therefore designed to understand the drivers of the long-term sustainable earnings and fundamental value, in order to exploit these behavioural price episodes. Paying the right price is key to capturing the significant value opportunity in GEM equities!

  • Our competitive edge

    We believe behavioural biases drive mis-pricing. Our structure, process & tools deliberately and repeatedly target this mis-pricing.

    We have a disciplined process that focuses on valuation outliers. We take a longer horizon, allowing us to focus on sustainable earnings. We have structured our team to maximise challenge and debate.

  • Collection of best ideas

    Our strategy comprises a collection of best ideas, different from its benchmark.

    We select stocks which offer the greatest value for longer term returns. As a result the strategy's holdings are not driven by the benchmark's composition. Our strategy is a concentrated portfolio of about 40-60 stocks** containing our best ideas from across GEM.

  • Our investment expertise

    We are located in the heart of GEM.

    Asia makes up over 70% of GEM2 and we have been managing Asian equity assets for over 20 years from our Singapore office. Our team3 of 31 equity investment professionals manages approximately US$39 billion of clients' assets across a diverse range of equity strategies. Our GEM equity strategy is managed by a dedicated GEM focus team comprising of 8 investment professionals with an average of 18 years of industry experience.

Capturing the GEM value opportunity

The long-term structural story for GEM remains very compelling, in particular, its growth and consumption potential.

Emerging markets have been out of favour for many years, driving valuations down to attractive levels as growth and profit fears prevailed. Today, not only are the valuation signals abundant, we also see much evidence that points to an improving environment for emerging markets' companies with strong balance sheets, cash generative business models and disciplined capital allocation philosophies.

Nevertheless, we recognise that volatility goes hand-in-hand with investing in this asset class. Our unique investment approach, which is firmly focused on bottom up stock picking, is designed to take advantage of short term share price movements and identify names that have been mispriced by the market. Herein are the results of our value style conviction -

PORTFOLIO MANAGERS


  • Andrew Cormie
    Team Lead / Portfolio Manager
    Andrew Cormie, Team Lead / Portfolio Manager

    Andrew Cormie joined Eastspring Investments, the Asian asset management business of Prudential plc, as Portfolio Manager, in 2008.

    Andrew is part of the Equity team and is the Team Leader for the Global Emerging Markets (GEM) focus team. He is also a member of the Regional Asia focus team and the Lead Portfolio Manager for Asia Pacific Equity strategy.

    Andrew began his investment career in 1982 with National Mutual Life Association. He then worked at JP Morgan Investment Management, Melbourne in 1984 and became their Director, responsible for Australian Equity and Balanced business three years later. In 1997, Andrew became the Head of Global Equity Team of JP Morgan Investment Management, London. Andrew was the Founding Partner and Director of Voyager Funds Management Pty Limited between 2006/07. In all, Andrew has over 35 years of investment experience.

    Andrew is a CFA charterholder and holds a Bachelor degree in Business Administration from Griffith University, Brisbane and a diploma from Securities Institute of Australia.

  • Steven Gray
    Portfolio Manager
    Steven Gray, Portfolio Manager

    Steven Gray joined Eastspring Investments, the Asian asset management business of Prudential plc, as Portfolio Manager, in August 2012.

    Steven is part of the Equity team and a member of the Global Emerging Markets (GEM) focus team. He is also the Lead Manager for the Latin America Equity strategy.

    Prior to joining Eastspring Investments, Steven worked with GIC Asset Management in the Emerging Markets Non-Asia department as the Senior Vice President - Head of Equity Research managing a team of 7 sector focused analysts covering Non-Asian emerging markets. Earlier on, Steven had a very successful career as a fund manager in South Africa, managing one of the largest funds in the country. Steven has more than 29 years of financial industry experience.

    Steven is a CFA charterholder and holds a Bachelor of Business Science from the University of Cape Town, and a Masters of Business Administration from UCT Graduate School of Business in South Africa.

  • Sang Hoon Lee
    Portfolio Manager
    Sang Hoon Lee, Portfolio Manager

    Sang Hoon Lee joined Eastspring Investments, the Asian asset management business of Prudential plc, as Portfolio Manager, in January 2005.

    Sang Hoon is part of the Equity team and is a member of the Global Emerging Markets (GEM) focus team. He is also Lead Manager of the Emerging Asia Equity strategy.

    Prior to joining Eastspring Investments, Sang Hoon was an Investment Analyst at Fidelity Investment Management (Hong Kong) Ltd. He was also an Equity Analyst at Dresdner Kleinwort Benson and Seoul Securities, Korea. Sang Hoon has over 21 years of financial industry experience.

    Sang Hoon is a CFA charterholder and holds a Bachelor's degree in Business Administration from Seoul National University and a Master degree of Business Administration from The Wharton School, University of Pennsylvania.

  • Navin Hingorani
    Portfolio Manager
    Navin Hingorani , Portfolio Manager

    Navin Hingorani joined Eastspring Investments, the Asian asset management business of Prudential plc, as Portfolio Manager, in January 2011.

    He is part of the Equity team and is a member of the Global Emerging Markets (GEM) focus team. He is the Lead Portfolio Manager for the Europe, Middle East and Africa (EMEA) Equity strategy.

    Prior to joining Eastspring Investments, Navin worked as an Analyst at Bear Stearns in London. In 2003, Navin joined RMB Asset Management, focusing on US equities. In 2006, Navin joined the Emerging Markets team at JP Morgan Asset Management in London, focusing on the EMEA region, and was subsequently promoted to Portfolio Manager, responsible for EMEA region. Navin has 17 years of financial industry experience.

    Navin is a CFA charterholder and holds a Bachelor of Science (Hons) from UCL in Economics and a Master of Science in European Politics & Policy from London School of Economics.

  • Mandeep Sachdeva
    Portfolio Manager
    Mandeep Sachdeva, Portfolio Manager

    Mandeep Sachdeva joined Eastspring Investments, the Asian asset management business of Prudential plc, as Portfolio Manager, in September 2015.

    Mandeep is part of the Equity team and is a member of the Global Emerging Markets (Asia) focus team.

    Prior to joining Eastspring Investments, Mandeep was an Analyst for 2 years at Fidelity Worldwide Investment, London. He spent 5 years at Orbis Investment Advisory Ltd, London as a Research Analyst covering Global Telecommunications and Technology sectors. Prior to that, he was a Research Associate at Citigroup Asset Management, Singapore and a Consultant at Arthur Andersen, Singapore. Mandeep has more than 15 years of financial industry experience.

    Mandeep holds a Bachelor of Engineering from Nanyang Technological University, Singapore where he graduated with First Class Honours, and a Master of Business Administration from the London Business School. He is also a CFA charterholder.

  • Luiz Pinho
    Portfolio Manager
    Luiz Pinho, Portfolio Manager

    Luiz Pinho joined Eastspring Investments, the Asian asset management business of Prudential plc, as Portfolio Manager, in December 2014.

    He is part of the Equity team and is a member of the Global Emerging Markets (GEM) focus team.

    Prior to joining Eastspring Investments, Luiz was a Brazilian Equities Specialist providing portfolio management support to the GEM CIO division at UBS Wealth Management in Brazil. This followed several years at UBS Investment Bank as a Research Analyst covering the Brazilian oil & gas and utilities sectors. Before that, Luiz was an Equity Analyst at Schroders and had done private equity research for GP Investments. Luiz has more than 12 years of financial industry experience.

    Luiz holds a Bachelor of Business Administration from Universidade de Sao Paulo (FEA USP) and a Masters Degree in Finance and Accounting from Umeå University, Sweden.

  • Paul Chong
    Portfolio Manager
    Paul Chong, Portfolio Manager

    Paul Chong joined Eastspring Investments, the Asian asset management business of Prudential plc, as Portfolio Manager, in January 2014.

    He is part of the Equity team and is a member of the Global Emerging Markets (GEM) focus team, specialising in Asian Emerging Market equities.

    Prior to joining Eastspring Investments, Paul was an Investment Analyst at Fidelity International in Hong Kong focusing on fundamental research in the Asia ex Japan region. In 2012, Paul joined Citadel Global Equities and was responsible for real estate equity research in the Asia ex Japan region. Paul has more than 10 years of financial industry experience.

    Paul holds a Bachelor of Business Management (Magna Cum Laude), majoring in Finance from Singapore Management University.

  • Megan Ie
    Portfolio Manager
    Megan Ie, Portfolio Manager

    Megan Ie joined Eastspring Investments, the Asian asset management business of Prudential plc, as Portfolio Manager, in September 2011.

    She is part of the Equity team and is a member of the Global Emerging Markets (GEM) Equity focus team.

    Prior to joining Eastspring Investments, she was a Trainee Dealer & Research Analyst at Kim Eng Securities Private Limited, focusing on Singapore and Hong Kong equities. She was also a Portfolio Strategist for the Asia Equity team at Eastspring before joining the GEM team. Megan has more than 8 years of financial industry experience.

    Megan holds a Bachelor of Business Management degree from Singapore Management University.

  • Samuel Bentley
    Client Portfolio Manager
    Samuel Bentley, Client Portfolio Manager

    Sam Bentley joined Eastspring Investments, the Asian asset management business of Prudential plc, as Client Portfolio Manager, in August 2008.

    Sam is the Client Portfolio Manager for the Regional Asia and Global Emerging Market equity strategies.

    Prior to joining Eastspring Investments, Sam worked at Henderson Global Investors in London for 8 years where he worked in a number of roles including Global Investment Strategy, Global Bond Portfolio Management and Institutional Marketing.

    Prior to Henderson, Sam worked for one year in the compliance department of stockbroker William de Broe. Sam has 17 years of financial industry experience.

    Sam holds a Bachelor's degree in Economics from Durham University and is a CFA charterholder.

ABOUT EASTSPRING INVESTMENTS

Eastspring Investments is a leading asset manager in Asia that manages over USD 146 billion (as at 31 December 2016) of assets on behalf of institutional and retail clients. Operating in Asia since 1994, Eastspring is the Asian asset management business of Prudential plc, one of the world's largest financial services companies.

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1Wolfensohn Center for Development at the Brookings Institution, 2010

**The information provided are subject to change at the discretion of the Investment Manager without prior notice.

2MSCI Emerging Market Index as at 28 February 2017

3Eastspring Investments, as at 28 February 2017

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