Senior Portfolio Manager, Matt Day, discusses Mondrian’s real yield approach to identify dislocations in bond markets and the current opportunity for active bond positioning.
While emerging markets face an uncertain economic and political landscape, we remain optimistic about long-term prospects, especially in undervalued markets.
According to our valuation standards, Local Currency EMD benefits from high PRYs and attractive currency valuations while Hard Currency EMD is tainted by very low credit spreads and an overvalued US dollar.
The last 15 years have been challenging for EM returns, especially when compared to the MSCI World Index, and even more so versus the S&P 500. However, there are several compelling reasons to consider EM equities.
Senior Portfolio Manager, Nigel Bliss, reviews the international equity markets, highlighting the impact of strong currency gains and opportunities in Japan.
Recent equity market volatility has led some to question the Japanese equity market renaissance. In this paper, we revisit the rationale for our positioning in Japan and to consider what, if anything, has changed more recently.
Mondrian is an employee owned investment management firm with offices in London, Philadelphia and Singapore. We are value investors across the globe in both equity and fixed income asset classes. Founded in 1990, we have employed a rigorous fundamental research process that is the foundation of our success. Mondrian’s well resourced investment team manages assets on behalf of over 250 institutional clients.
© 2025 Mondrian Investment Partners Limited is authorized and regulated by the Financial Conduct Authority – Firm Reference Number 149507. All information is as of December 31, 2024 unless otherwise noted.
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