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Portfolio Manager Wen Cheong debunks the perceived challenges of investing in the emerging market space, highlighting his team’s concentrated approach and candour. He details how his focus on best-in-class management and passion for identifying attractive valuations has powered returns.
Key points from this episode:
• Small-cap companies are a pond with fewer rocks; opportunities can be found in steady, established businesses with competitive advantages.
• The slump in semiconductor demand in 2023 was primarily driven by a normalization in post-pandemic demand and macro challenges leading to an inventory de-stocking cycle.
• The EM team makes decisions for the portfolio entirely on a bottom-up basis with a slight macro overlay.
• Even in areas with geopolitical uncertainty, opportunities can be found in well-run, high-quality companies with attractive valuations.
• The emerging markets space remains full of diverse opportunities for those willing to do the deep dive.
Host: Rob Campbell, CFA, Institutional Portfolio Manager
Guest: Wen Cheong, CFA, Portfolio Manager
For more details and full transcript visit: https://www.mawer.com/the-art-of-boring/podcast/fishing-in-less-crowded-ponds-identifying-opportunities-in-emerging-markets-ep155
This episode is available for download anywhere you get your podcasts.
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Founded in 1974, Mawer Investment Management Ltd. (pronounced "more") is a privately owned independent investment firm managing assets for institutional and individual investors. Mawer employs over 250 people in Canada, U.S., and Singapore.
Visit Mawer at https://www.mawer.com.
Follow us on social:
Twitter - https://www.twitter.com/Mawer_Invest
LinkedIn - https://www.linkedin.com/company/mawer-investment-management/
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Building on his conversation in Episode 153, Portfolio Manager Samir Taghiyev takes a deep dive into the mental models and frameworks that Mawer uses to evaluate company management teams, particularly within the small-cap space. Using both personal and financial examples, he illustrates the benefit of exploration and exploitation, striking a balance between focus and curiosity, and identifying opportunities on the S curve of the corporate lifecycle.
Company management can be evaluated by determining if they are growing revenues while controlling costs and risks. This can be combined with other frameworks to create a comprehensive picture. The exploration vs. exploitation framework can be used to evaluate how well management balances focus with curiosity. There are four phases in the S curve of the corporate lifecycle—startup, growth, maturity, and decline. Mawer focuses on companies in the middle two phases, with Trisura and TerraVest provided as examples. Incrementalism is very important when it comes to exploration vs. exploitation because it strikes a key balance between spending to de-risk and learning. Companies can either drive growth organically, often through the introduction of new products, or inorganically through acquisitions. Using the “look back” and “trust but verify” processes, the small-cap team leverages their historical notes and third-party information to improve their verification of management claims.
Key points from this episode:Host: Kevin Minas, CFA, Institutional Portfolio Manager
Guest: Samir Taghiyev, CFA, Portfolio Manager
For more details and full transcript visit: https://www.mawer.com/the-art-of-boring/
This episode is available for download anywhere you get your podcasts.--
Founded in 1974, Mawer Investment Management Ltd. (pronounced "more") is a privately owned independent investment firm managing assets for institutional and individual investors. Mawer employs over 250 people in Canada, U.S., and Singapore. Visit Mawer at https://www.mawer.com.
Follow us on social:
Twitter - https://www.twitter.com/Mawer_Invest
LinkedIn - https://www.linkedin.com/company/mawer-investment-management/
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Saknas det avsnitt?
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Portfolio Manager Samir Taghiyev discusses the current landscape of the Canadian small-cap space through the lens of the “Mr. Market” narrative and crowd-driven sentiments. Using Converge Technology Solutions as an example, Taghiyev sheds light on his team’s due diligence process and how they find opportunities by tuning out the noise.
The mood of the markets can change very quickly, highlighting the importance of due diligence Investors should be aware of market narratives but not get caught up in them Diligence on business, management, and valuation is key to finding opportunities created by delayed market reactions Small caps may see more exaggerated dynamics due to retail investor involvement
Key points from this episode:Host: Kevin Minas, CFA, Institutional Portfolio Manager
Guest: Samir Taghiyev, CFA, Portfolio Manager
For more details and full transcript visit: https://www.mawer.com/the-art-of-boring/podcast/moody-mr-market-finding-opportunities-in-the-canadian-small-cap-space-amid-changing-market-psychology-ep153
This episode is available for download anywhere you get your podcasts.--
Founded in 1974, Mawer Investment Management Ltd. (pronounced "more") is a privately owned independent investment firm managing assets for institutional and individual investors. Mawer employs over 250 people in Canada, U.S., and Singapore. Visit Mawer at https://www.mawer.com.
Follow us on social:
Twitter - https://www.twitter.com/Mawer_Invest
LinkedIn - https://www.linkedin.com/company/mawer-investment-management/
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As markets continue on a dynamic trend, fixed income portfolio manager Crista Caughlin discusses the economy and factors that drove markets in the first quarter of 2024. In addition, the reemergence of a more typical correlation pattern between stocks and bonds, getting central banks off the sidelines, and the concern that markets may be being too complacent.
Global growth improving, inflation moderating, and earnings relatively strong In Canada, growth has improved although consumption remains weak when compared to the U.S. Moving with caution: strong data has begun to cause central banks to be cautious around timing of interest rate cuts—they want to be confident higher inflation is in the rear view mirror Strong equity markets—a continuation of the 2023 technology-focused businesses doing particularly well, especially if they have a tie in to AI or semiconductors Too much complacency? We may not have seen the full impact of higher interest rates, and you can see that in some areas we are seeing continued pressure (e.g., real estate, mortgage arrears, loan delinquencies)
Key points from this episode:Host: Kevin Minas, CFA, Institutional Portfolio Manager
Guests: Crista Caughlin, CFA, Mawer Portfolio Manager
For more details and full transcript visit: https://www.mawer.com/the-art-of-boring/podcast/quarterly-update-q1-2024-ep152
This episode is available for download anywhere you get your podcasts.
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Founded in 1974, Mawer is a privately owned independent investment firm managing assets for institutional and individual investors. Mawer employs over 250 people in Canada, U.S., and Singapore. Visit Mawer at https://www.mawer.com.
Follow us on social:
Twitter - / mawer_invest
LinkedIn - / mawer-investment-management -
Portfolio Manager Manar Hassan-Agha discusses the importance of position sizing in investing and how factors like behavioural biases, market structures, and optimal betting strategies under the Kelly Criterion can impact returns at varying position weights. The conversation explores limitations in precisely calculating probabilities and edges for stock investments and how frameworks and checklists can be used dynamically to thoughtfully consider odds, edges, and optimal sizing for investment decisions. This discussion highlights the various personas or strategies that investors can adopt in dealing with both the winners and losers in their portfolios. Many of the concepts discussed in this episode are the research and works of others. Manar talks through how we think about applying their lessons dynamically and from a first-principles basis to the day-to-day management of portfolios at Mawer.
Lessen the emotional impact of a large loss on a single position with position sizing Use the Kelly Criterion to determine the optimal size of a bet, taking unpredictability into account Resist the instinct to embrace either nihilism or precision in investment decision-making Tailor position-sizing approaches to your own investment style and risk tolerance
Key points from this episode: -
Portfolio Manager Peter Lampert breaks down the decision to re-open the strategy to new institutional investors and the key inputs that determine the strategy’s capacity. In addition, “a tale of two acquisitions”: one head scratching, the other improving the investment thesis of the holding.
Breaking down the decision to re-open the strategy to new institutional investors How the team determines the strategy’s capacity A puzzling acquisition by KDDI and a potential value creating acquisition by Novo Nordisk Evaluating the implications of rising interest rates on real estate investments The balance needed to sift through the hype around AI while still being open to opportunities
Key Points From This Episode:Host: Rob Campbell, CFA, Institutional Portfolio Manager
Guest: Peter Lampert, CFA, Mawer Portfolio Manager
For more details and full transcript visit: [episode link]
This episode is available for download anywhere you get your podcasts.
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Founded in 1974, Mawer is a privately owned independent investment firm managing assets for institutional and individual investors. Mawer employs over 250 people in Canada, U.S., and Singapore. Visit Mawer at https://www.mawer.com.
Follow us on social:
Twitter - https://www.twitter.com/mawer_invest
LinkedIn - https://www.linkedin.com/company/mawer-investment-management/ -
In this episode, host Rob Campbell and 11 colleagues on the research team engage in a comprehensive post-mortem analysis, sharing candid reflections on their decision-making processes over the past year. This episode underscores the significance of learning from both successes and mistakes, highlighting the value of vulnerability and introspection within the investment team at Mawer.
A Few Highlights:
• Investing before comfort in competitive markets is necessary for returns
• Less complexity in investment strategies often results in more alpha
• Significant market changes can take longer to affect companies than expected
• Large acquisitions are risky; patience in evaluation is key
• Leaning harder on inductive evidence and numbers for decision-making
• Understanding the importance of parent companies in investment decisions
• Finding a balance in analysis depth to retain key insights without becoming lost in the details
Host: Rob Campbell, CFA, Institutional Portfolio ManagerGuests:
Christian Deckart CFA, PhD, Mawer Deputy CIO, Portfolio Manager
Mark Rutherford CFA, Mawer Portfolio Manager
Grayson Witcher CFA, AB, Mawer Portfolio Manager
John Wilson CFA, Mawer Portfolio Manager
Samir Taghiyev CFA, Mawer Portfolio Manager
David Ragan CFA, Mawer Portfolio Manager
Siying Li CFA, Mawer Equity Analyst
Jeff Mo CFA, Mawer Portfolio Manager
Curtis Elkington CFA, Mawer Credit Analyst
Peter Lieu CFA, Mawer Portfolio Manager
Asim Hussain CFA, Mawer Equity Analyst
For more details and full transcript visit: [episode link]
This episode is available for download anywhere you get your podcasts.
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Founded in 1974, Mawer is a privately owned independent investment firm managing assets for institutional and individual investors. Mawer employs over 250 people in Canada, U.S., and Singapore. Visit Mawer at https://www.mawer.com.
Follow us on social:
Twitter - https://www.twitter.com/Mawer_Invest
LinkedIn - https://www.linkedin.com/company/mawer-investment-management/ -
In this episode, newly appointed Fixed Income Portfolio Manager at Mawer, Brian Carney, shares his insights on global credit strategies. With over 30 years of experience in the investment industry, Brian discusses his career journey, the evolution of credit markets, and his perspectives on current market dynamics. He highlights Mawer's approach to managing credit risks and opportunities, detailing the new Global Credit Opportunity Strategy at Mawer.
Key Points From This Episode:
Brian Carney's extensive background in finance and credit markets
The evolution and current state of global credit markets
Introduction of Mawer's Global Credit Opportunity Strategy
Approaches to managing risks and capitalizing on opportunities in credit
Insights on fixed income strategies and market dislocations
Mawer's unique position and strategies in the investment landscape
Links:
Mawer Investment Management -
In this episode, Manar Hassan-Agha, co-manager of the Global Equity Strategy, joins host Rob Campbell to discuss applying the 'Moneyball' process in evaluating past investment decisions. They unpack the lessons learned from this approach, emphasizing long-term thinking in investment strategies. The conversation highlights critical insights from the Moneyball statistics, the importance of decision quality over short-term results, and the value of inactivity in investment management.
Key Points From This Episode:
'Moneyball' approach to evaluating investment decisions in global equity
Importance of long-term thinking in investment decisions
Understanding decision quality beyond immediate results
The role of inactivity and patience in successful investing
Insights from specific case studies, including Couche-tard and Wolters Kluwer
Reflections on past investment choices and their long-term impacts
Discussion on asset intensity in portfolio risk management
Links:
Mawer Investment Management -
In this episode, Kevin Minas sits down with Crista Caughlin, Lead Portfolio Manager at Mawer, focusing on the key economic developments of Q4, including growth levels, inflation trends, and the resilience of financial markets. They speak on the nuances of the Canadian bond strategy and the impact of these economic factors on portfolio management.
Key Points From This Episode:
Volatility in Q4 with notable declines in interest rates and inflation
Marginal changes in growth, with a slight downturn in Q4
Economic resilience despite rapid interest rate increases in 2022-2023
Inflation trends: a reversal in Q4, with rates moving lower than in previous quarters
Equity markets showing solid returns, led by large-cap tech companies
Fixed income market volatility and changes in central bank policies
Anticipated re-emergence of traditional correlations between bonds and equities
Adjustments in asset allocation within Mawer's balanced portfolios
Links:
Mawer Investment Management -
In this episode, Dave Ragan, co-manager for the EAFE large-cap strategy, speaks on the current state and future prospects of EAFE markets. He delves into Japan's market challenges and opportunities, examines the impact of global interest rates and economic conditions, and explores the decision-making processes in market volatility.
Key Points From This Episode:
Japan's historical challenges and current state in the EAFE portfolio Chugai Pharmaceutical: A recent addition to the portfolio Market dynamics in 2023: Interest rates and soft landing possibilities Stock reactions to market volatility and decision-making process Case studies: Nova Nordisk's success and Adyen's challenges Risk management and diversification strategies in the EAFE portfolioLinks:
Mawer Investment Management -
Portfolio Manager Peter Lampert dives into the world of emerging markets, sharing what’s changed for the portfolio since last year, insights on where we’re seeing new opportunities (e.g., Brazil), and the impact of geopolitical risks in Eastern Europe. He also explores why we’ve reduced our weight and exposure in China and what a slowdown in emerging markets might mean for investors.
Key Points from this Episode:
Main drivers behind the portfolio’s rebound in performance from 2022 New additions from Brazil: Petro Rio, GPS, XP China’s increased risk profile and potential implications for emerging markets Softening demand and slowing global growthLinks:
Mawer Investment Management
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Today on the podcast, Equity Analyst Michael Vogel discusses the importance of analyzing technological shifts beyond artificial intelligence and how these shifts can impact non-tech companies in the portfolio. Michael emphasizes the cultural approach to holding views lightly and shares examples of how the Research team navigates these changes.
Key Points From This Episode:
- Tech changes, non-tech companies adapting, potential shifts
- Image sensors improve, and Kodak sales rise steadily
- Electric cars and gas stations coexist profitably
- Positive impact of legal software and AI
- Analyzing investment matrix, tech shifts, and shared research
Links:
Mawer Investment Management -
A recap of the quarter and our thoughts on the hard vs. soft landing debate.
Highlights:
Main drivers of the market pullback Inflation’s persistent “stickiness” and potential implications of “higher for longer” interest rates How are consumers faring? Asset mix update Looking ahead—what’s on our radar -
Main themes impacting the portfolio and the benefits of systematically tracking investment decisions.
Highlights:
Valuation considerations in a higher rate environment How (and why) we’ve started systematically tracking and analyzing our investment decisions Portfolio adjustments—adding AltaGas, exiting Enbridge and Agnico Eagle Quick dive into Dollarama’s business model and some of the stock drivers -
A look at the strategy a year on and why we think valuation should be more top of mind for investors.
Highlights:
Influence of big tech stocks on the U.S. market and associated impacts to the small and mid cap space The AI theme continues—Elastic, Concentrix, Moderna Why is the U.S. market more expensive compared to its developed market peers? Regional banks—what happened, the current state, and opportunities (e.g., First Citizens Bank) Identifying potential economic themes through a bottom-up lens—Insperity, Dollar General, XPEL Some of the recent main performance drivers for the strategy—Winmark, Copart, Verisk, FLEETCOR, Global Industrial, Donnelley Financial -
How we approach finding new ideas in the widest investment universe.
Highlights
Eagles and vultures mental model—why idea generation is better enabled by one shared investment philosophy and knowledge base E.g., Novo Nordisk and Publicis What is the “Bathroom List” and its role in our investment process and ESG considerations—e.g., JDE Peet’s Why nuance matters when incorporating scuttlebutt—e.g., Publicis How we’re continuously refining and improving our processes Current emerging markets exposure A walk through our qualitative risk assessment checklist Recommended reads from Manar -
Unpacking one of our key mental models around investing and managing risk.
Highlights:
What we mean by “non-predictive decision making” Examining the question, “what’s your outlook and how you are positioned accordingly?” through a non-predictive decision-making lens The important difference between vulnerabilities and triggers Vulnerabilities we’re paying attention to -
Market drivers that stood out this quarter, where inflation is at, and an asset mix update.
Highlights:
How markets have been climbing a “wall of worry” Recalling Cisco Systems and considering implications around the current concentration of tech stocks in the S&P 500 Our thoughts on the continuing rate hikes and “soft landing” scenario Holding cash: what’s changed? -
Top highlights from the team’s recent research trips and a few business models we’re excited about.
Highlights:
Insights from visiting Norway, the Netherlands, Kazakhstan, India and some holdings—Equinor, AutoStore™, Ahold Delhaize, Adyen, Genmab, Kaspi, Weir, HDFC Bank Why we’ve been reducing our weight in China and our current thinking around regional exposures The unique competitive advantages of Compass Group and Chugai Current and future implications of AI for the portfolio and different business models—NVIDIA, TSMC, ASML, Samsung, RELX, Wolters Kluwer, Teleperformance - Visa fler
