For more information contact: emailus@marcusevans.com Wyatt Crumpler, a speaker at the marcus evans North American Investors Summit 2013, talks about how CIOs can successfully invest in emerging markets. The North American Investors Summit is the premium forum for CIO’s and top decision makers from North America’s largest corporate and public pension funds as well as foundations and endowments with leading regional investors in an intimate environment for a highly focused discussion on the latest investment strategies in the market. senior investment executives and service providers an intimate environment for a focused discussion of key new drivers shaping asset allocations. For more information contact: emailus@marcusevans.com

1. 10 Strategies for Capitalizing on the Emerging Markets
More Chief Investment Officers (CIOs) of pension funds are looking into capitalizing on emerging market growth, as
investment opportunities become harder to come by in the developed world, says Wyatt Crumpler, Chief Investment
Officer, American Beacon Advisors, Inc. However, Crumpler strongly advises that CIOs be aware of capital controls, political
risk and country-specific economic fundamentals.
A speaker at the marcus evans US Pensions Summit 2013, in Wheeling, Illinois, July 22-24, Crumpler goes over some
practices and strategies that CIOs should consider when investing in emerging markets.
Be aware of capital controls. Many emerging markets are not easy to invest in nor easy to take your investments out of.
Brazil recently dropped its tax on fixed income investments that had been in place since 2010, but countries like India still
have capital controls, making them operationally more complex than developed economies.
Emerging markets are a diverse set of countries and not one asset class. Investors should really get comfortable
with the multiple economic and political models that exist in the various countries and the companies that reside there.
China, Russia and India are all very different. Frontier markets may differ even more so.
Look at country-specific economic fundamentals to find investment opportunities. Given that emerging markets
are starting from a lower economic base, there is much more room for growth. Investors need to look for this growth
tailwind when investing in emerging markets.
Be aware of political risk. Some countries have a history of poor shareholder actions; Argentina and Russia come to
mind. Be nimble enough to see problems as they arise, and limit your exposure where the problems are.
Have a good custodian who has good relationships with various markets. They will help look out for your interests
and help you navigate regulatory changes.
Do not put all your eggs in one basket. Emerging markets add diversification to an equity or debt portfolio, but many
funds are very specific to a geographic area. Have a broadly diversified portfolio exposed to all three regions: Asia, Latin
America, and Eastern Europe. Do not put all your eggs in one basket among these three regions.
Focus on valuations. We have used a value investing approach in emerging markets since the early 90’s.
Select investment managers who are more fundamental in nature. They need to be talking to companies, have their
feet on the ground, and have the ability to visit the various regions on a frequent basis to understand what is really going
on. This is much more important when it comes to emerging markets, as data is not always available or comparable, and
the political risks may be greater.
Position yourself to take advantage of frontier markets. Many CIOs were late to gain exposure to emerging markets.
Expand your mandate into some of the economies opening up in sub-Saharan Africa and the Middle East. Do not limit
yourself to the MSCI Emerging Market Index countries. Think of where emerging markets were 10-15 years ago.
Maintain an active approach. Situations in countries can change dramatically in a relatively short time. Do not be
passive. Stay abreast of what is going on. Investors need to be more proactive when it comes to emerging markets.
Wyatt Crumpler, a speaker at the marcus evans US Pensions
Summit 2013, on how CIOs can successfully invest in emerging
markets
Interview with: Wyatt Crumpler, Chief Investment Officer,
American Beacon Advisors, Inc.

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