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  • December 17, 2018
    Amplified: SDG Engagement Equity marks one-year milestone (part two)
    Gary Greenberg
    In this episode of Amplified, Gary Greenberg, Head of Hermes Emerging Markets, discusses the recent weakness in emerging markets – and the opportunities it offers.
  • December 17, 2018
    Amplified: SDG Engagement Equity marks one-year milestone (part one)
    Gary Greenberg
    In this episode of Amplified, Gary Greenberg, Head of Hermes Emerging Markets, discusses the recent weakness in emerging markets – and the opportunities it offers.
  • October 30, 2018
    Short-term Volatility Masks Underlying Strength In EM
    Gary Greenberg
    The tailwinds supporting emerging markets (EM) through the early part of the year gave way to headwinds and headlines of trade disputes, spiralling currencies and declining growth rates over the summer. In his latest note, Gary Greenberg, Head of Emerging Markets at Hermes Investment Management, explores the macro fundamentals underpinning the EM business environment, which remain more robust than the recent volatility might suggest.
  • October 23, 2018
    Amplified: Finding value in emerging markets
    Gary Greenberg
    In this episode of Amplified, Gary Greenberg, Head of Hermes Emerging Markets, discusses the recent weakness in emerging markets – and the opportunities it offers.
  • June 19, 2018
    Egypt’s economic potential - Oasis or mirage?
    Gary Greenberg
    From a distance, it is easy to conclude that Egypt is an arid environment for investors. Accounting for only 0.13% of the MSCI Emerging Markets Index, the country is often overlooked given its questionable democracy, high rate of inflation, recent currency devaluation and twin deficits. Since the global financial crisis, Egypt has suffered a difficult decade characterised by political instability and economic turmoil. Yet on closer inspection, things are beginning to change. An increasingly stable political and economic climate, coupled with low labour costs, high literacy levels and a series of economic reforms, suggest that the country’s future may look brighter than it has for a decade or more. Gary Greenberg, Head of Emerging Markets at Hermes Investment Management, explores these factors and explains why Egypt is becoming distinctly more attractive.
  • June 11, 2018
    Amplified: Oasis or mirage? Egypt's economic potential
    Gary Greenberg
    From a distance, it is easy to conclude that Egypt is an arid environment for investors. Being only 0.13% of the MSCI Emerging Markets Index, the country is easily dismissed given its questionable democracy, high rate of inflation, recent currency devaluation and twin deficits. Look closely, and the conditions become more attractive: low labour costs, high literacy levels and a series of economic reforms suggest that real investment opportunities are shimmering on the sands.
  • June 5, 2018
    Oasis or mirage? Egypt's economic potential
    Gary Greenberg
    From a distance, it is easy to conclude that Egypt is an arid environment for investors. Being only 0.13% of the MSCI Emerging Markets Index, the country is easily dismissed given its questionable democracy, high rate of inflation, recent currency devaluation and twin deficits. Look closely, and the conditions become more attractive: low labour costs, high literacy levels and a series of economic reforms suggest that real investment opportunities are shimmering on the sands. Key points 1. Since the global financial crisis, Egypt has suffered a difficult decade characterised by political instability and economic turmoil. However, President Abdel Fattah el-Sisi’s recent re-election should help to provide ongoing stability 2. Intervention by the International Monetary Fund in 2017, which resulted in a dramatic devaluation of the Egyptian pound, seems to have set the country on the road to economic recovery, with both debt and inflation being brought under control 3. A range of underlying factors, including energy self-sufficiency– thanks to recently discovered natural gas resources – a youthful demographic and extremely low labour costs, point to a positive future, if stability continues
  • February 16, 2018
    The tailwinds have arrived – our 2018 outlook for emerging markets
    Gary Greenberg
    In his new Gemologist publication, Gary Greenberg, Head of Emerging Markets at Hermes Investment Management, looks at the tailwinds driving the resurgence of emerging market stocks this year. “Two years ago, we argued that 2016 was a year of transition for emerging markets (EMs). After five years of underperformance relative to developed markets (DMs), favourable winds were stirring: we saw early signs that the commodity cycle was bottoming out, productivity among EM companies was improving and the US dollar was likely to peak. These forces would strengthen in the coming two years, after which EMs would become a major investment theme. At the outset of 2018, it is clear that the tailwinds have arrived.”
  • November 29, 2017
    Getting engaged: Uniting performance with positive change in emerging markets
    Gary Greenberg
    “Companies do not exist in isolation: they use resources from the commons, employ labour and attract customers from towns and cities, and are required to operate under the laws of the land. They influence the lives of far more people than shareholders alone, but unfortunately plenty of businesses act to the detriment of many – including, in the long run, themselves and their investors.”
  • November 6, 2017
    Getting engaged: Uniting performance with positive change in emerging markets
    Gary Greenberg
    No man is an Iland, intire of itselfe; every man is a peece of the Continent, a part of the maine; if a Clod bee washed away by the Sea, Europe is the lesse, as well as if a Promontorie were, as well as if a Manor of thy friends or of thine owne were; any mans death diminishes me, because I am involved in Mankinde; And therefore never send to know for whom the bell tolls; It tolls for thee.
  • October 30, 2017
    Imitator turned innovator- Technological change in China
    Gary Greenberg
    Recent newsflow about China has been dominated by the Communist Party’s five-yearly plenum. But Gary Greenberg, Head of Emerging Markets at Hermes Investment Management, believes the real story of interest for investors is the radical shift from imitation to innovation within the country’s economy. As China’s technology sector expands rapidly, he assesses its transformative impact on the nation’s economy. “Change is afoot in the global technology sector. Shenzhen is vying to become the next Silicon Valley – not in the immediate future, but perhaps in the next 15 years. And imitation by the world’s biggest factory is no longer the sincerest form of flattery. China is determined to be at the forefront of the next wave of technological innovation.”
  • October 30, 2017
    Imitator turned innovator: Technological change in China
    Gary Greenberg
    Recent newsflow about China has been dominated by the Communist Party’s five-yearly plenum. But we believe the real story of interest for investors is the radical shift from imitation to innovation within the country’s economy. As China’s technology sector expands rapidly, we assess its transformative impact on the nation’s economy. Change is afoot in the global technology sector. Shenzhen is vying to become the next Silicon Valley – not in the immediate future, but perhaps in the next 15 years. And imitation by the world’s biggest factory is no longer the sincerest form of flattery. China is determined to be at the forefront of the next wave of technological innovation.