The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
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Miah: African equities outperformed other emerging markets in 2022
“Post-nineteen there was COVID, a lot of noise, but definitely this year is the first year in many that you've had outperformance by Africa. And very importantly to us, the bottom line continues to grow. The jaws are widening, but the bottom line continues to g…”
Miah: In late 2022, several African countries had lower inflation than the US and UK
“Some of our countries have inflation levels lower than the U.S. And the U.K., which I can't remember the last time that was the case.”
Miah: Saudi Arabia and UAE show Africa's path to mainstream benchmarks
“In oh nine, Saudi where I lived and even Dubai, Abu Dhabi were Very much similar to Africa. Off benchmark. No one's really focusing on those areas. And fast forward 10 years, all of those markets became upgraded into the EM benchmark. Saudi Aramco got listed. …”
Miah: African equities generated a 7% to 9% USD CAGR from 2002 to 2020
“Between 2002 and 2020 the two decades overall, despite the last five years being quite difficult, it's been a reasonable period. So the market as a whole, if you just took the beta, the two 50 names that we're looking at, And the market grew at seven, eight, n…”
Miah: The African investable equity universe totals $500 billion across 260 companies
“The opportunity set, so when we exclude small caps and we exclude commodities, Today, there's around 260 names. In the early 2002, there's about a hundred names. So in terms of names, not significant growth, but when you look at market cap, more importantly, p…”
Miah: Africa is a $3T economy, equivalent to the world's eighth largest
“Africa as a whole, it's a three trillion dollar economy, eighth largest equivalent economy in the world, one and a half billion people”
Miah: South African equities are institutional, while North and East Africa are family-owned
“So South Africa would be a more typical US or UK style shareholder list. So often the pension funds are the largest, the big asset management firms are also in the top three, top five, top seven. It's a very institutional heavy shareholder list. Whereas when y…”