African Allocator Podcast Overlooked and Undervalued, with Steven Quattry, Portfolio Manager Next Gen Emerging Markets, Morgan Stanley Investment Management
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Aug 21, 2025 
Steven Quattry, a Portfolio Manager at Morgan Stanley Investment Management, is on a mission to uncover high-potential yet overlooked markets. He dives into investment opportunities in fast-growing regions like Nigeria and Egypt, emphasizing dollar-denominated returns amidst global uncertainties. Quattry shares insights on his unique top-down macro approach, highlighting the importance of liquidity and dual strategies that blend macroeconomic analysis with specific business assessments. With a keen eye for emerging trends, he also explores the exciting investment landscape in Africa and Central Asia.
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Focus On Overlooked, Uncorrelated Markets
- The fund targets large, fast-growing markets that are overlooked and thus uncorrelated to global assets.
- This approach seeks better risk-adjusted returns by focusing on markets outside mainstream EM like China and India.
Large Populations With Low Allocations
- He targets the 100-million-plus population club members that receive little global equity allocation like Vietnam, Nigeria, and Egypt.
- These countries add large labor forces and outpace mainstream EM growth, offering structural growth potential.
Decide Country Allocation Before Stock Picks
- Make allocation decisions top-down first, then pick the companies that best express that country exposure.
- Focus on structural macro variables like growth, inflation, and near-term currency risk before buying stocks.