Emerging Market Stock Picker Says Key Is Ignoring Macro ‘Noise’
- Seafarer Capital funds are outperforming the MSCI EM benchmark
- China Yangtze Power Co., Wilmar International among top bets
Buenos Aires, Argentina.
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A winning strategy for Paul Espinosa, a money manager at San Francisco-based Seafarer Capital Partners LLC, is to concentrate on cash flows and ignore the macro economic slowdown.
His funds, which focus on global developing-nation stocks, are outperforming the MSCI Emerging Stock Index amid concerns of a slump in global growth and a rising dollar. His approach is to be stock-specific, looking at their value in terms of the drivers that produce cash flows, instead of merely weighing the valuation multiples, Espinosa said in an interview during his visit to Singapore.