After joining the firm late last year, managing directors and fund co-managers Juan Torres and Vera German have launched a benchmark-agnostic value strategy at Neuberger designed to identify undervalued companies trading in the cheapest quintile of EM.
Directed from London with global research support in Hong Kong, Taiwan and India, the fund will target absolute return and hold between 30 and 70 emerging markets equities, drawn from a colourful five-pillar value framework to include Fallen Angels, Cyclicals, Special Situations, Structural Challenges and Hidden Growth.
Deliberate Approach
Emerging markets remain "one of the most under-allocated and under-researched corners of global equities, and we believe that is where disciplined value investors can find compelling opportunities," Torres argues. "The breadth of the opportunity set, combined with the structural challenges that deter many active investors, creates the conditions for a contrarian, research-led approach that adds real value over the long term. We deliberately look for companies that sit beyond the mainstream of investor attention.”
When the pair jumped from Schroders in 2025, co-manager German said the new buildout would seek out a "flinch factor" identical to that which guided the well-regarded, ca. $300 million strategy the team managed at their former firm.
The new fund, she adds, will offer "differentiated returns through a rigorous, bottom-up process, focusing on businesses trading at a significant discount to their intrinsic value.”
New York-based Neuberger, transitioning its brand after 85 years as Neuberger Berman, manages over $550 billion in total assets globally.
