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Strategy Note / Global

Corruption: The ugly truth for EM and ESG investors

Does corruption bother you?I ask the professional institutional investor, not the woke consumer or spiritual guide, in you.We all say that of course it does but, in practice, is this or should this be the case?These questions are particularly relevan...
Tellimer Research Hasnain Malik
Hasnain Malik @ Tellimer Research 7 July 2020
Strategy Note / Global

GCC-Levant equity strategy: Old models under stress

The GCC-Levant region is split between those markets valued close to their historic average (Abu Dhabi, Bahrain, Kuwait, Qatar, and Saudi) and those at large discounts (Dubai, Jordan, Oman).Markets in the former group have been dominated in recent ye...
Tellimer Research Hasnain Malik
Hasnain Malik @ Tellimer Research 5 July 2020
Strategy Note / Global

Chasing technology's tail: EM equity strategy overview

Have I wasted the last 15 years of my career?In 2006 I was an analyst on global technology equities. Then I shifted to emerging markets. In compiling this overview of global emerging market equities, it feels as if I am back to covering Technology. B...
Tellimer Research Hasnain Malik
Hasnain Malik @ Tellimer Research 28 June 2020
Strategy Note / Global

MSCI as expected: Argentina, Turkey may exit EM, Iceland in FM, Kuwait in EM

MSCI has spoken. The highlight is the potential ejection of Argentina and Turkey from the emerging market index.While there are no shocks, the tyranny of benchmarks for active and passive institutional equity funds means we are all forced to pay atte...
Tellimer Research Hasnain Malik
Hasnain Malik @ Tellimer Research 24 June 2020
Equity Analysis / Global

EM Banks: Funding fresh credit looks most challenging in these markets

Across the world, banks are being asked to take on much of the burden of easing the pain of Covid-19 lockdowns, by offering loan maturity extensions, interest holidays and cheaper credit. Borrowers with access to undrawn credit facilities may also ex...
Tellimer Research Rahul Shah
Rahul Shah @ Tellimer Research 22 June 2020
Strategy Note / Global

Correlation of EM and FM equities with Developed Markets, US$ and Commodities

We calculated correlations between a range of emerging (EM) and frontier (FEM, FM ex-GCC and GCC) equity indices and global commodity prices (S&P GSCI), oil price (Brent), the inverse of the US$, and developed market equities (MSCI World) over ti...
Tellimer Research Hasnain Malik
Hasnain Malik @ Tellimer Research 11 June 2020