The Acquirers Podcast

Juan Torres on emerging market value investing, China, Indonesia and Taiwan | S08 E06

12 snips
Feb 19, 2026
Guest
Juan Torres
Juan Torres, co-portfolio manager for Emerging Market Equities at Neuberger Berman, explains country-level value investing across EM markets. He discusses valuation dispersion and why the cheapest quintile stays attractive. He covers Taiwan's concentration risk around TSMC, bank balance-sheet checks in EM, currency hedging philosophy, and why price can make any country investable.
Ask episode
AI Snips
Chapters
Books
Transcript
Episode notes
INSIGHT

Think Country Before Sector

  • Country risk dominates stock outcomes in EM so investors should think country-first, not sector-first.
  • Large country-level exposures (e.g., China, Taiwan) can skew index-level valuation dramatically.
INSIGHT

Crisis Origin Matters For EM Recovery

  • EM rebounds best when crises originate outside EM; crises originating within EM take much longer to recover.
  • Buying broadly during external crises can be historically advantageous for EM investors.
ADVICE

Screen Cheap, Then Deep Dive Stressed Areas

  • Screen EM by cheapness (they use cyclically adjusted P) and focus research on the cheapest quintile of ~400 companies.
  • Prioritise deep dives into countries or sectors under stress to find mispriced opportunities.
Get the Snipd Podcast app to discover more snips from this episode
Get the app