# Beyond Macro: A Value Lens on Emerging Markets Equity

Page: https://stenobird.com/podcast/disruptive-forces-in-investing-558440/beyond-macro-a-value-lens-on-emerging-markets-equity
Text version: https://stenobird.com/podcast/disruptive-forces-in-investing-558440/beyond-macro-a-value-lens-on-emerging-markets-equity.md
Podcast: [Disruptive Forces in Investing](https://stenobird.com/podcast/disruptive-forces-in-investing-558440)
Published: 2026-05-18T15:22:00+00:00
Episode link: https://disruptive.libsyn.com/beyond-macro-a-value-lens-on-emerging-markets-equity
Audio file: https://traffic.libsyn.com/clean/secure/disruptive/Disruptive_Forces_-_EM_-_PASS4.mp3?dest-id=1167224
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JSON: https://stenobird.com/v1/public/podcasts/disruptive-forces-in-investing-558440/episodes/beyond-macro-a-value-lens-on-emerging-markets-equity
Duration seconds: 1611

## Resource

Beyond Macro: A Value Lens on Emerging Markets Equity Most investors approach emerging markets top-down: country-level macro calls, currency bets, commodity cycles. But what if those assumptions are exactly what gets in the way of potential returns? What if the single most important variable isn't the macro backdrop, but the price you pay? On this episode of Disruptive Forces, host Anu Rajakumar is joined by Vera German and Juan Torres, Portfolio Managers on Neuberger's Emerging Markets Equity team, to discuss why a disciplined value lens may be the most natural — and most overlooked — way to approach emerging market equities. Together, they discuss: Why fast-growing economies have often produced lackluster equity returns How state-owned enterprises are misunderstood, and why blanket avoidance may leave value on the table What's wrong with benchmarking to the MSCI Emerging Markets Index Where the valuation screen is pointing today, including Southeast Asia, Brazil, and China — and where to avoid How the team manages risk and position sizing in a concentrated, high-conviction portfolio Why emerging markets may be one of the most compelling asset classes for active, value-oriented investors today This communication is provided for informational and educational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. This communication is not directed at any investor or category of investors and should not be regarded as investment advice or a suggestion to engage in or refrain from any investment-related course of action. Neuberger is not prov…

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