Investing in Frontier Markets

1. Auflage 2013
ISBN: 978-1-118-55632-0
Verlag: John Wiley & Sons

Buch, Englisch, 256 Seiten, Format (B × H): 150 mm x 250 mm, Gewicht: 666 g

The only comprehensive guide to reaping big returns investing in the hottest new growth markets

This book makes a compelling case that, just as today's well-rounded portfolio includes emerging market funds, tomorrow's well-rounded portfolio will include frontier market funds. More importantly, it alerts you to the vast opportunities and potential pitfalls of investing in frontier markets while providing expert advice and guidance on how to research and invest in the most promising frontier growth markets. Widely considered to be the next emerging markets, frontier markets, such as those of certain sub-Saharan African, Eastern European, Asian, and Central and South American countries, are showing strong signs of reaching economic critical mass. If you are an investor on the lookout for authoritative, actionable information on the next big investment opportunity, this book is for you.
* Provides sector-by-sector analyses that let you assess opportunities and risks in each frontier market
* Provides strategies and tools for determining the most efficient methods for executing, monitoring, and exiting investments
* Guides you through the wide diversity within frontier markets, showing how to differentiate countries on the basis of economic development and wealth distribution and other factors

Autoren/Hrsg.

Graham, Gavin

Emid, Al

Feather, David

Fachgebiete

• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Internationale Finanzmärkte
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Anlagen & Wertpapiere
• Wirtschaftswissenschaften Wirtschaftswissenschaften Wirtschaft: Sachbuch, Ratgeber
• Wirtschaftswissenschaften Volkswirtschaftslehre Internationale Wirtschaft Internationale Finanzmärkte

Inhaltsverzeichnis

Acknowledgments ixForeword xiCHAPTER 1 Introducing Emerging and Frontier Markets 1Emerging Markets 2Frontier Markets 11CHAPTER 2 Frontier Markets by Region 19Measures Used in this Chapter 21Asia 24Africa 34Eastern Europe 42Latin America 49Middle East and North Africa (MENA) 56Exotic Frontier Markets 61CHAPTER 3 Volatility: Not the Same as Risk 71Lessening Volatility in Emerging and Frontier Markets 72Correlations to Other Markets (and Lack Thereof) 73Structural Reasons for Higher Volatility 74CHAPTER 4 Solid Investment Information vs. Media Images 79The Middle East: Not All in Conflict 81Vietnam: A Long-term Bet 87Kenya: A Slow Reduction in Risk 90Kazakhstan: Borat Painted the Wrong Picture 93Bangladesh: Not a Basket Case 96Serbia: A Promising Candidate 100Sierra Leone: No Longer War Torn 103Conclusion 105CHAPTER 5 Economic Strengths of Emerging and Frontier Markets 107Returns from Emerging Markets 107The Lack of Correlation between GDP Growth and Equity Returns 109CHAPTER 6 Past Emerging Market Upheavals and What They Can Teach Frontier Market Investors 115Argentinean Default of 2001 116Mexican Devaluation of 1995 118Asian Meltdown of 1997-98 122Russian Debt Default of 1998 125Brazilian Devaluation of 1999 128The Place of Fixed Income in the Emerging and Frontier Equation 130CHAPTER 7 The Global Investment Landscape: Why Developed Markets Appear Unattractive at Present 137Canada 140The United States 143Europe 147CHAPTER 8 Online Trading in Emerging and Frontier Markets and Why It's a Bad Idea 153The Dangerous Appeal of Going It Alone 153The Risks of Online Trading 155Professional Advisors and Online Trading 160CHAPTER 9 The Changing Role of Financial Advisors 163Responding to Increased Challenges after the Financial Crisis of 2008-09 163Accepting Volatility 165Coping with Increased Reliance on Financial Advisors 167Convincing Hesitant Clients 172CHAPTER 10 Different Ways to Invest in Frontier Markets: ETFs, ADRs, Local Stocks and Closed-end Mutual Funds 179Exchange-traded Funds 180Regional Funds 184Sector Funds 187Single-country Funds 188Multinational Companies with Large Emerging Market Exposure 189Frontier Market American Depository Receipts 214Global Frontier Funds 216Conclusion 227Appendix: Frontier Market Open-end Funds as of May 2013 231Global Frontier Funds 231Emerging European Ex-Russia Funds 232African Funds 232Middle East and North Africa (MENA) Funds 233Index 235

Über Autor(innen)

GAVIN GRAHAM is founder and President of Graham Investment Strategy Ltd. His investment experience spans thirty years and three continents, beginning in London in 1979 with Baring Brothers & Co. Ltd and including eight years in Hong Kong, three years in San Francisco managing Asian funds, and the last decade in Toronto. Formerly, he was chief investment officer for several mutual fund companies and director of investments for Bank of Montreal Asset Management (BMOAM), where he was responsible for supervising over $50 billion in assets under management (AUM).AL EMID has forty-plus years' experience as a journalist, and this is his third book. He has reported on financial issues on the United States, Canada, South America, and the Middle East and has coordinated correspondents from all of these locales.