Global Emerging Market Equities

A bottom up valuation driven strategy that aims to deliver superior returns over the long term.

About Us

We live in, and invest from, the heart of one of the fastest growing regions in the world. With Asia now representing 75% of the Global Emerging Markets universe, understanding this region remains critical to long-term outperformance.

The disciplined application of our philosophy through all stages of our process creates high conviction strategies with attractive valuation characteristics and active returns that are negatively correlated with the peer group who typically favour a quality / growth approach.

Our edge

  • We believe behavioural biases drive mis-pricing. Our structure, process and tools deliberately and repeatedly target this mis-pricing.
  • A disciplined process that focuses on valuation outliers
  • Our longer horizon allows us to focus on sustainable earnings
  • We structure our teams to maximise challenge and debate.

Team

  • Focused and cohesive 8-member team consisting of highly experienced investors that emphasises research on “best ideas” rather than performing maintenance research
  • Operates under a culture of challenge and debate
  • Our common research platform across the other 7 equity focus teams provides clients with the best thinking from a diverse team of seasoned investors
Portfolio Manager

Andrew Cormie joined Eastspring Investments, the Asian asset management business of Prudential plc, as Portfolio Manager, in January 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 the 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 the Australian Equity and Balanced business three years later. In 1997, Andrew became the Head of the 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 37 years of investment experience.


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

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 23 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.

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 12 years of financial industry experience.


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

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 NonAsia 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 30 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.

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 the EMEA region. Navin has 18 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.

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. He is also the Lead Portfolio Manager for the Brazil Equity strategy.


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 spent 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 also had private equity research experience at GP Investments. Luiz has more than 14 years of financial industry experience.


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

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) 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 10 years of financial industry experience.


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

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 the 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 17 years of financial industry experience.


Mandeep holds a Bachelor of Engineering from the 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.

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 19 years of financial industry experience.


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

Investment Philosophy

  • Prices frequently move more than justified due to shifts in investor risk perception and expectations
  • True underlying value is not always reflected in prices
  • Opportunities exist – emotional detachment, rigorous analysis and discipline over a longer-term horizon allows us to exploit these opportunities

Investment Process

Our investment process consists of four stages: Idea generation; fundamental analysis; portfolio construction; risk control and review. Proprietary screens are first used to identify valuation outliers to systematically exploit behavioural sources of mispricing. The GEM Focus team then conducts fundamental research to validate the screen’s signal using a differentiated approach to valuation by focusing on a company’s ability to generate sustainable earnings. Stocks that pass through this process with high upside potential and high shared conviction make it to the team’s Conviction list. Stocks from this conviction list become the core positions in our GEM strategies. Risk control and review is embedded at all stages of the process and conducted by the GEM focus team itself, senior management and our independent risk oversight team.

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ESG

The team incorporates ESG issues into its fundamental analysis and decision-making process (in cases where these factors could have a material impact on a company’s valuation and financial performance). This process relies on a proprietary fundamental research process to assess all material factors. The team engages with the companies they have invested in and vote their proxies on all resolutions (except when it is not in the best interests of a client). Specifically:

  • The team explicitly incorporates relevant ESG issues into every aspect of their activities as fundamental equity investors, both before making investment decisions as well as during the time an investment is held in the portfolios
  • As responsible stewards of Eastspring’s clients’ assets, they maintain a dialogue with the entities invested in (where this is feasible)
  • The team utilises third-party ESG data and research vendors in order to assist with the due diligence and ongoing monitoring processes.