We had the pleasure of interviewing James Fletcher about the pitfalls and opportunities of applying value investing to emerging markets.
James C. Fletcher, CFA is a portfolio manager and senior research analyst with primary responsibilities for the Emerging Markets Small Cap Portfolio at Kayne Anderson Rudnick. Before joining the firm in 2013, James worked at Westwood Global as a senior research analyst and before that at Nightwatch Capital as a research analyst. He has ten years of equity research experience. James earned a B.S. in Finance from Brigham Young University, where he graduated summa cum laude and with University Honors. He is a CFA charterholder.
MOI Global: How would you describe your underlying philosophy?
James Fletcher: I consider myself a business analyst first and a stock analyst second. I want wonderful companies at fair prices, not fair companies at wonderful prices (in the case of inefficient markets like EM Small Cap you can get wonderful companies at wonderful prices). A great amount of my time is spent trying to identify truly wide-moat companies, whose moat will be able to protect high returns on capital, and strong FCF far into the future.
MOI: What have been some surprises or challenges of applying a Buffett-style investment approach to small caps in emerging markets?
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