Back on the Ground: Grocery Shopping in Vietnam
Arisaig has been investing in grocery retailers in emerging markets for over 20 years, at various points backing these businesses in markets as wide-ranging and diverse as China, India, Mexico and South East Asia. Although the COVID pandemic is receding into memory, it is clear that this episode has changed the way consumers shop for […]
Back on the Ground: From Macro to Micro in India
Arisaig’s core belief is that companies with a long-term, multistakeholder approach to doing business will deliver attractive compound returns in emerging markets. To identify such businesses, we conduct deep due diligence before allocating capital. Pre-covid, this meant travelling to the markets we invest in as much as possible (while still meeting our net zero commitments). […]
Pricing carbon into company valuations
At Arisaig, we believe that Purposeful Growth companies – those that think about overall value creation across multiple stakeholders, including customers, employees, local communities, and the environment – tend to deliver superior long-term shareholder returns. At first glance, this seems to be at odds with the views of Milton Friedman, who is often characterized as […]
Our impact measurement and management framework in practice
In a previous Insights piece, we described our impact measurement and management (IMM) framework. Here we provide an illustration to help bring it to life. Let’s take one of our Education investments in Brazil. This company provides a digitally enhanced education platform used by students, teachers, parents, and schools. One of its core products is learning […]
How we measure and manage impact at Arisaig
Arisaig Partners’ Investment Philosophy is founded on the belief that Purposeful Growth generates superior long-term investment returns in the emerging markets. To us, impact investing – investing with the intention of generating positive, measurable societal impact alongside a financial return – is a natural evolution of Purposeful Growth. In developing countries, a great deal of […]
Valuing the long-term opportunity in emerging markets
Arisaig’s core belief is that purposeful growth businesses will deliver compound returns in emerging markets. They do this by focusing on multiple stakeholders and in doing so earn the right to grow over the very long term. As an investor trying to value this long-term opportunity for the last two decades, we have built tools […]
Evaluating inflation risks in emerging markets at Arisaig
While country risk has manifested itself this year most obviously in the shape of geopolitical risk, arguably the bigger impact from Russia’s invasion of Ukraine on our target geographies will be the commodity price shock. In some cases, the news is positive. Brazil, for example, receives a welcome boost to its public finances from growing […]
Reflections on China in 2021 – building for the long term
From the perspective of equity investors in China, 2021 will go down as a year to forget. The period was marked by a number of high profile regulatory interventions, and the related announcement of the Government’s so-called ‘Common Prosperity Agenda’ was interpreted by some as an assault on private capital. Sentiment towards China was further […]
Approaching country risk in emerging markets – does Russia change anything?
The recent humbling experience in Russia raises the question as to how we deal with country risk in our allocation decision-making. The first thing to say is that we do not attempt to slalom between emerging market geographies according to short-term macro bets. Our preference is to identify companies with sufficient structural growth prospects and […]
The complexity trap: why collective intelligence makes better investments
In 2001, an experiment by social psychologists Richard E. Nisbett and Takahiko Masuda revealed something profound about human perception. Two groups – one from Japan, one from the United states – were shown footage of an underwater scene. The Americans overwhelmingly noticed the fish; observed the colours, sizes, numbers. The Japanese, in contrast, focused on […]
