Capital Allocators – Inside the Institutional Investment Industry [REPLAY] Daniel Graña – Janus Henderson Investors Emerging Markets Equity (Manager Meetings, EP.13)
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Dec 14, 2023 Daniel Graña, who leads Janus Henderson’s emerging markets equity strategy, shares insights on the dynamic world of emerging market investing. He recounts the wild west of early days in these regions and emphasizes the importance of good governance. They discuss navigating political landscapes, including a revealing story involving a Russian oligarch, and the challenges of launching Mexico's first REIT. Daniel advocates for a nuanced approach to portfolio construction in countries like China and Brazil, blending personal values with investment strategies.
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Family History and Emerging Markets
- Daniel Graña's family history influenced his interest in emerging markets, including nationalization, communism, and religious persecution.
- These experiences sparked his curiosity about why some countries thrive while others fail.
Mexican Glass Bottle Wars
- Graña's investment banking experience, including the Mexican glass bottle wars, taught him about controlling shareholders' motivations.
- He learned that acceptable business practices differ significantly across emerging markets.
Russian Oligarch and Political Risk
- Graña shares a story about a Russian oligarch who criticized the Putin regime and later had to sell his company at a discount.
- This highlights the importance of political governance and the risks associated with unpredictable regimes.