Richard Titherington's Presentation at London Value Conference: Emerging Market Opportunities

Continuing our notes from the London Value Investor Conference 2013, the next speaker is Richard Titherington of JP Morgan.  He presented on which emerging markets were the most compelling as investments these days.


Emerging Markets Opportunities

Richard Titherington is the Head of the JP Morgan Emerging Markets Equity Team based in London.  In terms of price to book General Emerging Markets (GEM) is cheap but not at crisis levels. Because  corporate governance is shareholder unfriendly in many emerging markets, GEM may not actually  be that cheap. For example, many Indian and South Korean companies do not pay dividends.

Titherington likes China, Korea and Russia. He said that China is in the sweet spot, having both good  value and momentum. His main message was to buy what is cheap and unpopular and to sell what  is expensive and popular. Thailand and Indonesia are particularly expensive whilst Chinese financials  offer significant value.


Be sure to check out other investor presentations: notes from the 2013 London Value Investor Conference.

Cazenove's Listed Hedge Funds Dispatch

Expanding further upon 'document dissemination' day here at Market Folly, we'll turn next to JPMorgan & Cazenove's listed hedge funds dispatch report. Earlier today we've already posted up Credit Suisse's monthly hedge fund report as well as QB Asset Management's shadow price of gold report. The below document was produced by JPMorgan Cazenove in London and hasn't been produced in the United States, so this particular piece might be of more relevance to our UK based readers.

An interesting takeaway from their research is that in 2009, out of all the publicly listed hedge funds in the UK, Dan Loeb's Third Point was the best performing fund. For 2009, Third Point's listed product was up 41% compared to a gain of 20% for the HFRI Fund Weighted Composite.

We've of course covered Third Point's portfolio in-depth and just recently posted up one of their recent portfolio maneuvers. (Additionally, we've also posted up Third Point's commentary for those interested as well). Other solid performers in 2009 included Cayenne as well as Boussard & Gavaudan. Cazenove's research is an intriguing look at the listed hedge fund space with some comprehensive data.

Embedded below is the full report:



You can directly download the .pdf here.

Overall, Cazenove concluded that there are plenty of quality names in the listed hedge fund space and that these solid names will be "the bedrock for the sector's survival and growth." Be sure to check out all the rest of the hedge fund research we've been posting up recently.