Joseph Mariathasan: The case for active in emerging markets

first_imgThis acknowledges that most dispersion between emerging market stock returns is due to country factors. It has certainly been true in the past that one characteristic of emerging market stocks was the generalisation that they were more highly correlated to their local stock market than their global sector allocation.While this tendency has grown more muted over the last couple of decades, the dispersion across emerging markets in the immediate aftermath of the US election was quite striking. Russian stocks climbed 20% between 8 November and mid-February, while Polish and Egyptian equities were up about 12% over the same period. Mexican stocks fell 12%.Are emerging markets riskier than developed? Economist and entrepreneur Jerome Booth always likes to proclaim that the difference between the two is that, in emerging markets, risk is acknowledged and discounted, while developed markets suffer from a misperception of risk.From a developed market investor point of view however, as Subramaniam points out, single-country emerging market portfolios can remain riskier than their developed market counterparts by one important measure: currency risk. MSCI finds that in many countries, over 40% of market volatility arises solely from currency effects.Yet what Subramaniam does not point out in his article is that developed markets also see tremendous volatility from similar sources. The Brexit vote caused sterling to fall almost 20% against the dollar and has every chance of falling much further. The long-term survival of the euro is also at risk with political uncertainties sweeping across Europe.While currency risk is inherent in any emerging market transaction, it is also present in a developed market transaction outside the home market. The management of this risk is primarily through diversification across the universe of emerging markets. But as the divergence between developed and emerging markets grows stronger, the rationale for having separate passive global emerging market mandates may become weaker.Subramaniam argues that the divergence in results across emerging markets suggests that, as emerging markets mature and both country and currency effects widen, institutional investors can implement more active mandates to take advantage of the differences. Provided, that is, they are willing to accept the risks.Perhaps the greater problem investors have faced in emerging markets, however, has been the volatility associated with large scale flows into and out of global emerging market exchange-traded funds, which have pushed markets both up and down. For long-term institutional investors, perhaps such volatility should be discounted – and investment decisions made on assessments of fundamental valuations rather than fund flows. That would suggest treating major emerging markets such as China and India as separate investment destinations in their own right, much as Japan has been considered for the past three or four decades.What is clearer is that passive global emerging market allocations based on a market cap weightings give institutional investors excess volatility associated with fund flows rather than fundamentals. Perhaps it is time for a more intelligent approach. MSCI in a recent note raised the issue as to whether it is time investors re-examined their approaches to investing in emerging markets.Raman Aylur Subramanian of MSCI’s equity applied research team makes the point that institutional investors face at least three choices in their allocations to emerging markets. They can allocate to an integrated, global equity approach (active or passive). They can adopt a dedicated emerging markets allocation. Or they can make active allocations to particular countries within emerging markets.There is a long-term structural change in the world which can be seen as the narrowing of the arbitrage between emerging markets and developed. There are many different manifestations of this, including the rise of the domestic consumer within emerging markets, and the increasing role of trade flows within emerging markets, compared with trade flows between emerging markets and developed.Then there is what MSCI themselves raise in Subramaniam’s article, namely the convergence of return and risk profiles between developed and emerging markets. Combined with the dispersion between countries within emerging economies, this means that some institutional investors are reconfiguring mandates to take more active views on individual countries.last_img read more

While many of Danielle Delgado’s peers wanted to become sprinters, she loved jumping over hurdles

first_imgEditor’s note: Prepare yourselves for the spring seasons of Syracuse Athletics with our 2018 season preview series, which will spotlight senior runner Danielle Delgado, next-in-line hurdler David Gilstrap, former freshman tennis standout Miranda Ramirez and Syracuse softball’s sophomore ace, Alexa Romero.Danielle Delgado was never interested in taking the easy route. As an eighth grader in 2010, new to competitive club track and field, Delgado thought the hurdles looked fun and decided to give it a try.By the time she began high school, Delgado had become one of the top hurdlers her age in the country.“Ninety-nine out of 100 kids come in saying they’re sprinters,” Prime Time Track Club head coach Johnny Allen said. “Danielle was the type of young lady who came in, and whatever I asked her to do, she had no problem doing it.”Delgado has translated that mindset to Syracuse University, where she is one of the school’s top hurdlers. Delgado is the only 400-meter hurdler at SU in the last eight years. Additionally, Delgado has competed in eight different events including sprints, hurdles, relays and throwing.AdvertisementThis is placeholder textFor Delgado, track has been the focus since she joined Prime Time Track Club along with some of her neighborhood friends from Somerset, New Jersey. She immediately gravitated toward hurdles. She loved the idea of jumping over them during a race.“She liked hurdles more than running,” her mother Yvette said. “We were all surprised when she said ‘I like this’ and we were all like ‘OK’ thinking it would just last a minute.”Track proved to be Delgado’s calling. By June 2010, just after joining Allen’s track club, Delgado won the 100-meter hurdles in the New Jersey state championship and finished fifth in the 100-meter dash. Weeks later, she finished second in the 100-meter hurdles and seventh in the 100-meter dash at regionals, competing against strong track states such as New Jersey, New York and Pennsylvania.Within two months of joining the team, Delgado was on a plane to Sacramento, California, to compete at the USA Track & Field Junior Outdoor Championships.“That was the most nervous I’ve ever felt in all of my track career,” Delgado said. “I wasn’t eating. I didn’t know what to expect.”She always gets nervous before races, Yvette said, but on a hot, sunny day in central California, Delgado did something she had never done in a race before. She fell.Delgado hung with the pack, but she clipped the last hurdle and tumbled forward. Delgado rose to her feet and completed the race last in her heat, finishing 30th of 33 competitors. After two months of near-perfection, Delgado stumbled on the biggest stage a 13-year-old could compete on. Somber and embarrassed, Delgado angrily trudged back up towards the stands of Hughes Stadium at Sacramento City College.As she made her way up, Allen met his young runner halfway.“This will not be your last nationals,” Allen said to Delgado.Allen let her pass up to the stands where she sat alone, thinking about the race.“I knew she was devastated,” Allen said.She didn’t want to talk about it. Not that day. But the next morning, Delgado and Allen were eating breakfast in their hotel in Sacramento, and Allen repeated his message.“This will not be your last nationals,” he said.After starting high school, Delgado added the 400-meter hurdles to her repertoire and thrived at it. As a high school freshman, Delgado asserted herself early on as a key contributor.At Prime Time Track Club, she competed against other track clubs in the USA Track and Field circuit. But in high school, everything was public and there were more athletes and therefore more competition.Still, at 14 years old, Delgado finished sixth in the 100-meter hurdles in the New Jersey state championship, against 17- and 18-year-olds.“It was kind of eye-opening,” said Dashaun Gourdine, head coach of Franklin High School, where Delgado attended school and ran competitively. “She was going to be something special.”Despite her top-level finish at the state meet, against many runners two or three years older than her, Delgado wanted more. On the bus ride back to Somerset, Gourdine remembered talking to his freshman hurdler. She repeated one message the whole ride.“I know I can do better,” Delgado said.And just one month after her high school state meet, Delgado found herself in familiar territory for Allen’s track club. She captured first place in the 400-meter and 100-meter hurdles in the state meet, and first and second respectively at the regional meet to qualify for nationals in Wichita, Kansas.There, Delgado finished 15th in the nation in the 400-meter hurdles, and 13th in the 100-meter hurdles.Delgado returned to nationals a third straight year in 2012, after completing her first year of high school. There, in Baltimore, she finished 10th in the 100-meter hurdles despite tweaking her hamstring. Avoiding any further issues, Delgado did not run the 400-meter hurdles.In two years, Delgado moved up 20 spots. She solidified herself on the USA Track and Field track circuit, not just as a short-distance hurdler, but also as a 400-meter-hurdler.“If you mention the 400 to 99.9 percent of athletes, they’ll look at you like ‘Oh no. I don’t do that,’” Allen said. “It’s a test of your will. The 400 is a gruesome race. Now you’re talking about doing hurdles. Now you have to be jumping over obstacles. It’s the premier race of track and field.”“Danielle is that quiet storm,” Allen added. “She had an attitude of ‘ I want to succeed. I want to accomplish.”At Franklin, Delgado thought she would focus more on short-distance hurdles, as it was what she enjoyed much more. Gourdine was determined to change that.He started training Delgado in the 400-meter hurdles, despite some pushback on her part. Gourdine convinced her to hop in a race just to try it and see how went. She competed and finished in a very solid time, Gourdine said, but Delgado didn’t want any part of it.“She was like ‘I’m never doing that again,’” Gourdine remembered Delgado saying. “’That hurts. Oh my gosh. You’re crazy coach.’”But he convinced her to stick with it, adding that the 400-meter hurdles would boost her short-distance hurdling. Gourdine even convinced her to quit cheerleading, which she had done since the second grade, in order to run cross country in the fall and get in better shape before track season.“I didn’t think I could run anything longer than a 400,” Delgado said.She did not like cross country, Yvette, said. But it would improve her fitness and help her reach the next level. She swapped pom-poms for five-kilometer races and a weight room, and she began to drastically improve. Her times dropped drastically and she began receiving interest from college coaches.By senior year, Delgado was competing to be the top hurdler in New Jersey, something she had been constantly chasing since she began running in middle school. And that year, that dream looked attainable.But when the Meet of Champions – the New Jersey state championship – came around in May that year, Delgado came up just short.“I had my heart set on that,” Delgado said. “It took four years.”Later that month, Delgado ran the 100-meter hurdles in the Group 4 sectional meet. After coming up short in the state meet, Delgado felt she had everything to prove, but when the gun went off, Delgado found herself immediately at the back of the pack, and still behind at the 50-meter mark.But after clearing the middle hurdle, Delgado surged. She didn’t notice herself passing anyone. She looked straight ahead, not expecting to see her name in first place. When she finished, tired and out of breath, she didn’t think that she won, but everyone else knew she did.She finished the race in a personal-record time of 13.85 seconds. No one else broke 14.“When she crossed the line I was like ‘Woah!,’” Gourdine said. “‘Did she just run what I think she ran?’”Delgado ran to her head coach and gave him a massive hug, crying against his body.“I’ll never forget that race,” Gourdine said. “It was just me and her, after going through four years.”When Delgado arrived at Syracuse three years ago, her focus shifted back to short-distance hurdles. She stopped running the 400-meter hurdles and when that stopped, Delgado didn’t race as well as she once did. It wasn’t until her junior year that she and Syracuse assistant coach Dave Hegland discussed bringing it back into her routine.“She struggled a bit her first year or two in the 100 hurdles,” Hegland said. “So we thought that was an area she could score points in.”And she did just that in the 2017 Outdoor ACC Championships. While Delgado did not score in the 60-meter hurdles at the indoor ACC Championships and in the 100-meter hurdles at the outdoor championships, she placed fourth in the 400-meter hurdles.“I ran, really, in a way that I’ve never ran before,” Delgado said. “Once I got the breath to actually look at the clock, I was in complete shock.”Now, as a senior, Delgado is primed to be one of SU’s key contributors as one of its most diverse talents.In two meets through this indoor season, Delgado finished fourth in the 60-meter hurdles at the Albany Great Dane Invite and first in the same event at the Upstate Challenge in Cornell.Throughout the outdoor season, Delgado will be called upon for hurdles and relays of varying distances. At practices, while many of her teammates are running 200-meter repeats, she will be doing the same, but with hurdles in between.Allen remembers that morning in Sacramento, explaining to his young runner that one bad race was not the end of the world. After all, she’d only been running at a highly competitive level for two months.“To see her come back from that moment in Sacramento,” Allen said, “… she has been to the nationals ever since that day. There has not been a year that she did not qualify for nationals. That’s special.” Comments Published on January 21, 2018 at 10:03 pm Contact Matt: mdliberm@syr.edu Facebook Twitter Google+last_img read more

Sumner County teams go on the road; big games for Belle Plaine and A&A

first_imgby Tracy McCue, Sumner Newscow — Week #4 features a road well traveled for Sumner County teams. Only South Haven is at home this week.Cedar Vale/Dexter (1-2) at South Haven (1-2). Both teams looking to get back to .500. The Spartans lost to West Elk 54-8 last week. South Haven is still smarting from the lost to Udall 66-18. Sumner Newscow will be at the scene to cover this game.Argonia-Attica (2-1) at South Barber (3-0). This one will be a good one. South Barber has dismantled its first three opponents by more than 45 points. Argonia-Attica, which got back on track last week against Flinthills, hopes to stop the Chieftains, who outscored Burrton 60-0 last weekend.Flinthills (0-3) at Caldwell (3-0). Not sure if this game will make it to half time.Oxford (1-2) at Stafford (1-2). Stafford is somewhere in the middle of Great Bend, Pratt and Hutchinson. Not sure these two teams have ever met, but the Oxford players will see plenty of bus time.Conway Springs (3-0) at Medicine Lodge (0-3). The Cardinals should have their way against the Indians who lost to Douglass – the same team Conway Springs beat 47-6.Belle Plaine (0-3) at Northeast Arma (0-3). Could be a big opportunity for Belle Plaine to break its long losing streak. The Vikings lost to Liberal, Mo. 33-0; Yates Center 52-12; and Uniontown 25-0.p class=”p1″>Follow us on Facebook.Follow us on Twitter.< Close Forgot password? Please put in your email: Send me my password! Close message Login This blog post All blog posts Subscribe to this blog post's comments through... RSS Feed Subscribe via email Subscribe Subscribe to this blog's comments through... RSS Feed Subscribe via email Subscribe Follow the discussion Comments Logging you in... Close Login to IntenseDebate Or create an account Username or Email: Password: Forgot login? Cancel Login Close WordPress.com Username or Email: Password: Lost your password? Cancel Login Dashboard | Edit profile | Logout Logged in as Admin Options Disable comments for this page Save Settings You are about to flag this comment as being inappropriate. Please explain why you are flagging this comment in the text box below and submit your report. The blog admin will be notified. Thank you for your input. There are no comments posted yet. Be the first one! Post a new comment Enter text right here! Comment as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Submit Comment Subscribe to None Replies All new comments Comments by IntenseDebate Enter text right here! Reply as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Cancel Submit Comment Subscribe to None Replies All new commentslast_img read more

Georgia State students take a closer look at SA

first_imgThe best way to get a better understanding of how a country works is to go and take a closer look yourself. These were the sentiments shared by a group of students from the US’s Georgia State University who visited the Nelson Mandela Foundation and Constitution Hill with Brand South Africa.A diverse group of students from the USA’s Georgia State University joined Brand South Africa at the Nelson Mandela Foundation and took part in enlightening discussions about South Africa, its history and how it has become one of the leading countries on the African continent. (Image: Mathiba Molefe)There is much that South Africa has to offer its visitors, be it breathtaking scenery both natural and manmade, its warm and welcoming people, or the investment opportunities available in a wide range of sectors.This was the message shared with a group of students from the US’s Georgia State University (GSU), by Brand South Africa at the Nelson Mandela Foundation (NMF) on Friday, 10 August 2017.While at the foundation, the American students learned more about the life of Nelson Mandela and how his efforts, coupled with those of political activists such as Steve Boko and Archbishop Desmond Tutu, helped to shape the country into the democracy it is today.The conversations held at the foundation gave the students insight into how South Africa had been and continued to grow as a nation, highlighting its strengths while acknowledging its shortcomings.“South Africa is amazing,” said Master’s student Arthur Kiboit. “Just trying to imagine what people went through and the fact that they were able to forgive and live together. That’s just so strong.”While at the foundation, the American students learned more about the life of Nelson Mandela and how his efforts, coupled with those of political activists such as Steve Boko and Archbishop Desmond Tutu, helped to shape the country into the democracy it is today. (Image: Mathiba Molefe)Shifting perceptionsAs the custodian of the South African nation brand, Brand South Africa relished the opportunity to introduce the American students to the country, highlighting South Africa’s already strong reputation and position as the spearhead of growth and development on the continent.“It’s impressive that South Africa is one of the only countries in Africa that has gay rights and gay marriage,” Kiboit said.“I think that South Africa is crucial as an entry into Africa for many companies. For instance, I studied business and it’s very attractive, as you can see multinational companies from the US are based here.“I work for UPS; UPS is based here, and so South Africa is definitely a place that people should come to visit.”Another Master’s student, Alicia Dawkins, was quick to notice just how developed South Africa was, saying that “even though an ocean separates us, we’re very similar and have dealt with very similar things”.Doctoral student Thais Council said: “I’ve always romanticised Africa a lot in my mind through the books that I’ve read.”To anyone still wondering whether or not to visit South Africa, Council said “pack all your clothes.“Also bring your appetite because there’s really great food here, and bring your best camera so you don’t miss some of these great shots here in South Africa, some of the best I’ve seen in my life.”Would you like to use this article in your publication or on your website? See Using Brand South Africa material.last_img read more

2019 soybean harvest kicks off with a Cab Cam at the Clark Farm in Warren County

first_imgShare Facebook Twitter Google + LinkedIn Pinterest In this Cab Cam, sponsored by Homan Inc., Dave Clark from Warren County joins Ohio Ag Net’s Bart Johnson as they discuss some of the first soybeans being harvested in the state of Ohio. Dave shared about the challenging planting season and his hopes for higher yields as the harvest season progresses.last_img

17 killed as truck rams two vehicles in Uttar Pradesh

first_imgAt least 17 people, including three children, were killed and four injured when a speeding truck rammed two vehicles before overturning on one of them in Uttar Pradesh’s Shahjahanpur district on Tuesday morning, police said. The accident occurred at the Jamka crossing on National Highway-24 near Shahjahanpur town, Superintendent of Police (City) Dinesh Tripathi said. It was a series of collisions, police added. The speeding truck first hit a tempo and then a van, which fell into a ditch. The truck then overturned and fell on the van, trapping those inside it. The impact was so powerful that 16 people, including three children aged between 6-12 years, died instantly. A woman died of her injuries on the way to a hospital, the officer said. A crane was sent from Shahjahanpur to lift the truck and retrieve the bodies. The truck driver fled the spot, while the helper has been nabbed, the SP said. The tempo was ferrying passengers from Bartara, while the van was carrying passengers from Shahjahanpur. The injured were admitted to a local hospital and the bodies have been sent for post-mortem, the SP said. The deceased have been identified as Aman (6), Alia (8), Arshit (12), Azim (26), Balram (40), Vinod (40), Ram Kishore (48) and Budha Lal (46), the officer said, adding that efforts were on to identify the remaining victims.last_img read more