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Research EM Leaders

Among EM managers, the median local EM-manager is performing 300 basis points better than the median US-based manager. Typically, the median US-based manager is hugging the index while loosing its management fees and transaction costs. Only 30% of US-based EM managers have exceeded their index over three years. By contrast, 70% of local Brazilian managers are outperforming their local index. Typically, the median EM-based local manager is adding alpha from bottom-up stock selection driven by superior research, information asymmetries, better local execution and dynamic risk management. Among the top quartile of local EM managers, the performance edge widens to 600 basis points over the top quartile of US-based global EM managers.

Additional research has been presented at various conferences:

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