Daniel Graña, portfolio manager at Janus Henderson Investors, discusses research collaboration across teams and how business models translate into emerging markets.
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“Many of our emerging market Success stories started off as carbon copies of successful business models in the U.S., and then we evolved and changed depending on local conditions.”
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More from Daniel Graña
Insight
Graña: Purely Bottom-Up Analysis Fails for Emerging Market Stocks
“I strongly believe that you can't have a purely bottom-up discussion on emerging market stock because you miss a key part of their story, which is the nature of the system these companies operate in.”
Graña: Up To a Third of the MSCI EM Index Is State-Owned
“Between a quarter and a third of the benchmark are state-owned enterprises. Think Gazprom, Rosneft, PetroChina, ICBC, Petrobras. Most of these companies that I hope you can appreciate are governance challenged.”
Graña: China's 2060 Decarbonization Pledge Will Be the Biggest Post-COVID Story
“Decarbonization by 20 60. That will be the biggest story after COVID. I think the market is commentators will look back on 2020 and we'll miss this, but we'll say many years later that was a big announcement.”
Graña: Peak Globalization Makes Export-Driven Growth Harder for Developing Nations
“We have seen peak globalization. The export driven economic model that was used by very successfully by Japan, then Korea, Taiwan, and now China, that is not going to be as easy to replicate going forward.”
Graña: Emerging market governance should be judged on progress, not Western standards
“I find that kind of silly and frustrating when people want to apply Scandinavian levels, types of corporate governance standards on emerging markets. We are emerging. I applaud companies when they make change. It's about so many times about the trajectory of c…”
Graña: Running emerging markets equity as a boutique shop is very hard
“I think it would be rather hard to recreate this as a sort of one man shop or a small man shop, a small woman shop. It would be very hard to recreate.”
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