The Business Brew Jim Hayes - Emerging Opportunities
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Dec 6, 2025 Jim Hayes, founder of Lucerna Global Capital and seasoned emerging markets investor, shares his insights on the evolving landscape of global investing. He discusses why emerging markets, particularly in Latin America and Southeast Asia, present unique opportunities, citing political shifts and attractive valuations. Jim emphasizes a bottom-up investment strategy, advocating for active management to uncover underappreciated compounders. Caution on China’s economic outlook and the importance of accessing mid-cap opportunities are also key highlights of this engaging conversation.
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Experienced Emerging-Markets Specialist
- Jim Hayes built deep emerging-markets expertise over 30 years across banking, hedge funds, and Fidelity.
- That long runway informs Lucerna Global's bottoms-up stock-picking approach focused on durable compounders.
15-Year Underperformance Creates Opportunity
- Hayes thinks EM underperformance for ~15 years creates a cyclical opportunity window now.
- He expects FX tailwinds and better earnings growth to drive a multi-year rerating.
Rally Might Broaden Beyond AI Winners
- Recent EM rally was AI/semiconductor-driven in Korea and Taiwan but should broaden.
- Hayes expects a shift where FX becomes a tailwind and EM earnings recover versus developed markets.