Our “Letters from” series of quarterly newsletters provide investors with a genuinely unique perspective on investment topics from various regions around the world. Our investment managers have a wealth of valuable insight from within the diverse markets they invest in. Through their “Letters”, investors can share their thought provoking and stimulating views on economic, market and corporate developments inside markets such as Japan, China, India and a selection of emerging markets.
Letter from Tokyo
Japanese stocks have benefited from strong economic growth in recent months. With robust growth around the world, Japan’s net exports have increased, most notably of semiconductor production equipment (SPE). To find out why the demand for SPE is growing so strongly – and thereby increasing Japanese exports – we look at the multiple drivers of growth in semiconductor usage such as increasingly sophisticated smartphones and the internet of things. And we consider whether Japanese companies stand to benefit from a structural change gathering momentum.
Letter from Korea
In many respects, South Korea is a highly developed economy. Its workforce is skilled and well-educated, life expectancy is an impressive 82 years, while internet speeds and smartphone ownership are the highest in the world.
Letter from China
The last few weeks of 2017 are seen by many global investors as a crucial time for China. Some have high expectations that an imminent reshuffle of the Communist Party’s top leadership will herald sweeping structural reforms for Chinese industries, companies and consumers. But I beg to differ.
Letter from Latin America
For such a rich and varied region, it is unsurprising that Latin America (LatAm) offers a plethora of interesting companies from across the corporate spectrum.
Letter from India
Prime Minister Modi rode to power in 2014 on a wave of popular support. His pledge to remake India resonated with voters tired of political gridlock and sluggish economic growth. Three years on and India’s economy is back on track. GDP in the first quarter came in at a reported 7.1% – making it the world’s fastest-growing major economy. Inflation remains under control thanks, in part, to the tumbling oil price. This has allowed the Reserve Bank of India to cut interest rates.
Letter from Vietnam
A generation of fund managers has grown accustomed to investing in the shadow of the red flag of China, but another red flag state in Southeast Asia has been catching the eye of investors. The nation in question has been attracting a steady stream of frontier capitalists for a while, but is increasingly luring mainstream emerging market investors. Meet Asia’s new manufacturing workshop – Vietnam.