Capital Allocators – Inside the Institutional Investment Industry Daniel Graña – Janus Henderson Investors Emerging Markets Equity (Manager Meetings, EP.13)
Sep 30, 2021
Daniel Graña, head of Janus Henderson’s emerging markets equity strategy, shares fascinating insights from his investment journey rooted in Cuba and Peru. He delves into the early chaotic days of emerging markets and the critical role of political governance on investment success. With compelling stories, he discusses the intricacies of navigating complex markets like Mexico, the importance of evaluating risk and valuation, and the contrasting futures of countries like Vietnam and Brazil. His reflections on adaptability and cultural understanding round out a conversation rich in wisdom.
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Mexican Glass Bottle Wars
- Daniel Graña learned about the importance of corporate governance during his investment banking years.
- He witnessed firsthand how different business practices are in emerging markets, like the Mexican glass bottle wars between Pepsi and Coke.
Russian Titanium Oligarch
- Graña highlights the importance of political governance in emerging markets with a story about a Russian oligarch.
- The oligarch's fear of the Putin regime and subsequent forced sale of his titanium company impacted Airbus and Boeing's aircraft design.
Mexican REIT IPO
- Graña recounts an experience with the first Mexican REIT IPO.
- After much effort, the controlling shareholder disappeared, leaving the company short of funds, highlighting the risks in emerging markets.