Gary Greenberg, who joined Hermes in September 2010, is Head of Hermes Global Emerging Markets.
Prior to this, he was managing partner at Silkstone Capital and Muse Capital, both London-based hedge funds he co-founded and managed in 2007 and 2002, respectively. From 1999 through 2002 he was executive director at Goldman Sachs in New York and London, where he co-headed the emerging markets product for GSAM and served on the global asset allocation and European stock selection committees. From 1998 to 1999 he was managing director at Van Eck Global in Hong Kong and New York, where he was the lead portfolio manager for international equities and ran the Hong Kong office. From 1994 through 1998 Gary was chief investment officer at Peregrine Asset Management in Hong Kong, managing and supervising global and regional equity, plus fixed income funds. In the early years of his career he was a principal of Wanger Asset Management in Chicago, where he co-founded and co-managed the Acorn International Fund, which grew to $1.4bn under his tenure. Gary holds an MBA from Thunderbird School, a BA from Carleton College and is a CFA charterholder.
In 2017, the Hermes Global Emerging Markets Fund was named best emerging markets fund for the second year in a row at the Investment Week Fund Manager of the Year Awards, best emerging markets fund by InvestmentEurope, and best emerging markets group by Citywire Deutschland. Gary was named best manager for emerging markets equity by Citywire UK.
Short-term Volatility Masks Underlying Strength In EM
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.
In this issue of Gemologist, we assess the obvious weaknesses in EMs, the less obvious forces acting in their favour, explain how we have adapted to the turnaround in 2018 so far and present our convictions in selected portfolio companies.
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.