BlackRock kehittyville markkinoille sijoittaville: tee läksysi kunnolla

Kehittyvillä markkinoilla eri maat kypsyvät niin erilaista tahtia, että yhteen kokonaisuuteen viittaava termi voi olla jo vanhentunut. Erot maiden, yhtiöiden ja kaupunkien välillä kasvavat nopeasti. Sijoittajan onkin erityisen tärkeää tehdä läksynsä kunnolla ja otettava eri markkinoiden vivahteet huomioon sijoitusstrategiassaan.

Kehittyvät markkinat houkuttavat edelleen korkosijoittajia, mutta ovat pettymys yli 10 prosentin tuottoihin tottuneille. Osakkeissa olennaista on keskittyä yhtiöihin, joilla on hyvä kassavirta halutuilla alueilla. Yhdysvaltain setelirahoituksen päättyminen tai dollarin vahvistuminen voi merkitä ulkoiseen rahoitukseen luottaville kehittyville markkinoille ongelmia.

Tärkeimpiä tekijöitä huomioitavaksi pitkän aikavälin sijoituksissa ovat muun muassa urbanisaatio, Kiinan siirtyminen kohti kulutuspohjaista taloutta ja kasvava ruoan ja puhtaan veden tarve.

Alkuperäinen tiedote alla ja liitteenä. Linkki BlackRock Investment Insituten raporttiin: (View International PDF). Raportti myös liitteenä.

Lisätietoja:

Anna-Mari Tiilikainen         
050 558 0888 
anna-mari.tiilikainen(at)cocomms.com

What’s Developing:

Investing in Emerging Markets

Commentary from the BlackRock Investment Institute

BOTTOM LINE FOR EMERGING MARKETS INVESTORS:

“DO YOUR HOMEWORK”

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Ever-Increasing Divergence of Markets/Economies

Demands Careful Asset Selection

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BlackRock Sees Opportunities in Deeper Markets, Urbanization, Food Logistics

Emerging Debt Looks Attractive in a Zero-Rate World

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New York, April 24, 2013 – With the global emerging markets landscape changing dizzyingly fast, disparities among investment are growing fast as well – making the choice of the right market exposure more critical than ever, according to a new commentary released today by the BlackRock Investment Institute (BII).

Specific economies and financial markets within the category are maturing at such a very different pace that “perhaps the label ‘emerging markets’ has outlived its use,” the BII notes in its commentary, (View International PDF).

“Do your homework” is the bottom line for investors, says the BII. “The differences between emerging markets will only increase as they gain a larger share of the world economy. This calls for a nuanced investment strategy.”

“What’s Developing: Investing in Emerging Markets” captures the highlights of a two-day market focused event organized by the BII in March, with 50 BlackRock portfolio managers and a dozen external experts gathering to discuss emerging market trends and views.

The BII shared “3 Emerged Insights” in its report:

1. BASICS: Choosing the right emerging market exposure (and there are many) is becoming even more important. Disparities among countries, cities and companies are growing fast – and so are disparities among returns.

1. INVESTMENTS: Emerging debt is still attractive in a richly valued fixed income world – but will likely disappoint those used to double-digit annual returns. For equities, the key is to focus on companies that generate cash flow in favored geographies.

1. RISKS: The waning of US quantitative easing or a stronger US dollar could spell trouble for emerging markets relying on external funding – especially for those countries that have seen recent credit booms.

“What are the main long-term factors in investing in this part of the world? These include the different types of emerging markets exposures; the deepening of financial markets; urbanization; China’s shift to a consumption-driven economy and the increasing global appetite for food (and fresh water),” the BII explains.

Other Highlights

• The waning of US quantitative easing and/or a stronger US dollar could spell trouble for emerging markets – especially those relying on external funding.

• Many countries will lose food self-sufficiency, creating investment opportunities in agricultural equipment, science and logistics.

• Acceleration of credit growth + high foreign ownership of assets = red flag.

• Rapid growth in domestic savings lessens the emerging world’s reliance on external funding.

So What Do I Do With My Money?™

Here is a summary of the BII’s emerging markets investment guidance:

Cross Asset

• Beware Fake Goods: Emerging market exposures come in many guises. Carefully examine the goods before purchase.
• Warning Flags: Steer away from countries and assets that rely on external funding or show signs of excessive credit growth.
• Next Frontier: Frontier markets offer compelling stock valuations, comparatively high bond yields and low volatility … but few investable assets.

Equities

• Cash is Key: We like companies that derive a large proportion of their cash flow from emerging markets—wherever they may be listed. If they increase dividends, all the better.
• Travel Destinations: Brazilian and Russian stocks look like good value after underperformance. We would avoid the Mexican and Shanghai bourses for now.
• Foodies Welcome: Increased global demand for food bodes well for companies specializing in agricultural equipment, food science and logistics.

Debt

• Relative Value: Emerging market bonds offer relatively high yields in the zero rate world—but it will be tough to replicate the double-digit returns of the past.
• Captive Demand: Explosive growth in emerging market pension assets underpins structural demand for emerging debt.
• Big is Beautiful: Emerging debt markets have jumped in size, credit quality and diversity. This means more opportunities to separate the wheat from the chaff.

The authors of “What’s Developing: Investing in Emerging Markets” are: Desmond Cheung, Co-Manager of BlackRock’s Agriculture Funds; Joel Kim, Head of BlackRock’s Asia-Pacific Fixed Income Team; Dhiren Shah, Member of BlackRock’s Emerging Markets and Latin America Teams; Jeff Shen, Head of BlackRock Emerging Markets; Andrew Swan, Head of BlackRock’s Asia Equities Team; Sergio Trigo-Paz, Head of BlackRock’s Emerging Markets Fixed Income Team; Sam Vecht, Head of BlackRock’s Emerging Markets Specialist Team; and Ewen Cameron Watt, Chief Investment Strategist, BlackRock Investment Institute.

About the BlackRock Investment Institute

The BlackRock Investment Institute leverages the firm’s expertise across asset classes, client groups and regions. The Institute’s goal is to produce information that makes BlackRock’s portfolio managers better investors and helps deliver positive investment results for clients.

Lee Kempler, Executive Director

Ewen Cameron Watt, Chief Investment Strategist

Jack Reerink, Executive Editor

About BlackRock

BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide.  At March 31, 2013, BlackRock’s AUM was $3.936 trillion.  BlackRock offers products that span the risk spectrum to meet clients’ needs, including active, enhanced and index strategies across markets and asset classes. Products are offered in a variety of structures including separate accounts, mutual funds, iShares® (exchange traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions®.  Headquartered in New York City, as of March 31, 2013, the firm has approximately 10,600 employees in 30 countries and a major presence in key global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa.  For additional information, please visit the Company's website at www.blackrock.com.

BlackRock

BlackRock on maailman johtavia sijoitusten ja riskien hallinnan sekä neuvontapalveluiden tarjoajia institutionaalisille ja yksityissijoittajille. BlackRockin hallinnoimat varat olivat 3 936 miljardia dollaria 31.3.2013. Yhtiön tuotteet vastaavat asiakkaiden tarpeisiin: ne kattavat sijoitustuotteiden koko riskiskaalan ja ne hyödyntävät aktiivisia, tehostettuja ja indeksistrategioita kaikilla markkinoilla ja kaikissa omaisuuslajeissa. Tuotteet ovat rakenteeltaan monipuolisia, mm. erillisiä tilejä, sijoitusrahastoja, pörssinoteerattuja iShares®-rahastoja (ETF) ja muita yhteissijoitustuotteita. BlackRock tarjoaa myös riskien hallinnan, neuvonnan ja yritysinvestointijärjestelmäpalveluja laajalle institutionaalisten sijoittajien ryhmälle BlackRock Solutions® -brändillä. BlackRockin pääkonttori on New York Cityssä, ja sillä oli noin 10 600 työntekijää 30 maassa (31.3.2013). Yhtiö on vahvasti läsnä kaikille tärkeimmillä markkinoilla Pohjois- ja Etelä-Amerikka, Eurooppa, Aasia, Australia, Lähi-itä ja Afrikka mukaan lukien. Lisätietoja www.blackrock.com.