Pzena’s Allison Fisch on the areas of the market that are screaming value today скачать в хорошем качестве

Pzena’s Allison Fisch on the areas of the market that are screaming value today

For all the noise about dispersion, geopolitics and AI, the most important developments in emerging markets aren’t happening in the headlines; they’re happening where few investors are looking. Beneath the surface sits a market full of mispriced, overlooked opportunities. That’s the vantage point Allison Fisch of Pzena Investment Management offered in our recent conversation. In this interview, she detailed where valuations are “screaming,” which controversies create the richest opportunity set, and why unanimity within Pzena’s PM team is both a burden and a blessing. The full conversation paints a picture of an EM universe far more diverse, nuanced and investable than the headlines suggest. Please note: this interview was filmed on Thursday, 13th November 2025. TIME CODES: 00:00 - Introduction 00:23 - How psychology and drama shaped an investor 01:25 - Launching EM value in 2008 02:10 - How Pzena defines normalised earnings 02:55 - Why China, Korea and Brazil dominate the portfolio 03:27 - Navigating EM dispersion: India vs North Asia 03:59 - AI stocks through a value lens (Samsung, Alibaba, Baidu) 04:59 - New positions: B3 and Wizz Air 05:44 - Why every investment requires unanimous PM sign-off 06:43 - What will surprise investors most in EM