Spreker: Luke Barrs, CFA
Functie: Executive Director; Head of Fundamental Equity Client Portfolio Management
Titel: “Beware the benchmark: Opportunities in Emerging Markets”
Emerging Markets continue to be driven by trade tensions and overall market sentiment, despite underlying fundamentals continuing to be strong. With the outlook for earnings remaining robust and valuations appearing attractive versus both history and developed markets, we continue to find exciting opportunities across the EM equity space. However, investors must beware of the benchmark – market cap weighted solutions in EM are biased towards larger-cap, government-owned stocks and hence offer an unappealing exposure for longer term investors. By taking a flexible, all-cap approach and by focusing on the exciting opportunities that can be found beyond the standard index, we can best capture the upside opportunities across EM and best exploit the market inefficiencies inherent within the asset class. By focusing on the merits of each individual company that we invest in, rather than attempting to time the market, we believe we can deliver a more consistent and persistent alpha generation profile. Our different funds across the EM space have achieved strong and consistent outperformance relative to both benchmarks and peers, with our alpha generation coming from a wide range countries, sectors and market cap segments.
Luke Barrs is Head of the Fundamental Equity Client Portfolio Management Team in EMEA at Goldman Sachs Asset Management. Luke oversees the building of the Fundamental Equity franchise, drives business expansion, and communicates Fundamental Equity strategies to clients in EMEA. In his role as an Emerging Markets specialist, he is focused on helping clients gain appropriate access to emerging markets, as well as assisting with their strategic asset allocation decision making process. As part of this role, Luke worked closely with Jim O’Neill – creator of the BRIC, N-11 and Growth Markets concepts – and the Office of the Chairman within GSAM, helping launch GSAM’s Growth Markets and N-11 Equity strategies. Prior to joining Goldman Sachs Asset Management he received a first-class B.A. (Hons) in Economics & Management from Exeter College, University of Oxford. He was awarded the Chartered Financial Analyst (CFA) designation in 2013.