China observations | Peter Lampert | EP02

March 21, 2018 Print

This episode features the investment insights of Peter Lampert, Mawer Emerging Markets Equity and International Equity portfolio manager, from his research trip to China.

In our discussion, Peter talks about:

  • why Mawer’s Research team travels extensively
  • the progression of manufacturing and the internet sectors in China
  • the leapfrog impact of mobile technology, and
  • scale benefits of China’s economic engine.

 



Your host

cam porthole3 Cameron Webster, CFA, MBA
Institutional Portfolio Manager

Cam likes to think and act long-term. He has broad experience in the capital markets over his 20+ years as an analyst, portfolio manager, and client service professional. When not thinking about markets and investing, Cam trains and participates in other “boring” and disciplined activities such as ultra-endurance races—marathon, triathlon, one-day 300+km bike rides.

Shownotes

1:20 – Mawer overall investment thesis for travel and why China now.

3:44 – Peter’s research trip preparation. Combing top down insights with those at the company level.

4:45 – Understanding the environment in which the Chinese companies operate. Benefits of the regulatory environment and the government’s push to accelerate technological advancements.

7:38 – Peter’s management meeting prep.

8:42 – Trip insights on two big areas: internet and manufacturing sectors

            10:23 – internet sector:

      • leapfrog effect
      • growth potential
      • biggest risks – valuations

            16:05 – manufacturing sector:

      • is overcapacity an issue?
      • Companies with positions of strength
      • Avoiding the losers
      • How competitive on a global basis is China?

20:13 – China as an investment destination:

  • how Chinese companies can meet our investment philosophy criteria
  • opportunities and risks

24:10 – Assessing Chinese management teams’ understanding of shareholder value.

26:23 – How Mawer ties the investment insights from travelling into investment decisions.

27:44 – Rapid Fire Round: get to know Peter Lampert a bit better (bonus: Peter’s approach to selecting a winning NHL fantasy league team!)


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