Emerging Markets Equity

Investment Approach

We combine bottom-up analysis with our proprietary Company Analysis Framework in Emerging Markets to find opportunities in large, mid, and small-cap companies that we believe are reasonably valued, and have sustainable growth potential. Our opportunistic approach seeks to capitalize on underlying regional macro trends and global macro dynamics, which combined with disciplined, detailed, fundamental research-driven security selection, may result in more concentrated regional investments. This investment process has resulted in the Fund’s current bias towards Asian companies.

Core Principles

  • Regional and global macro-economic analysis
  • On-the-ground research
  • Focus on locally listed companies
  • Bottom-up security selection

Senior Investment Team

Anindya ChatterjeeAnindya Chatterjee

Senior Vice President and Lead Portfolio Manager

Anindya is a member of the Emerging Markets team and lead manager of the Emerging Markets Equity strategy. Anindya has more than 22 years of research experience covering Asian financial markets, and brings a unique blend of top-down and bottom-up research prowess to the team.

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Prior to joining Fiera Capital in 2017, Anindya was a Managing Director and Senior Portfolio Manager at City National Rochdale (formerly Rochdale Investment Management), which he joined in 2011. He was the Senior Portfolio Manager of the City National Rochdale Emerging Markets Fund and works closely with the research team in structuring the Asia-focused fund.

Anindya is the former President of IIFL, Inc. where he worked with U.S. institutional investors and was influential in shaping the equity research sales of the firm. His previous employment includes international research positions in India and Asia, notably as Managing Director and Head of Emerging Markets Asia Equities Research at Jefferies and as Asia Equities Strategist at Bear Stearns.

Anindya earned his M.A. in Economics and Finance from Tulane University. Additionally, he holds an M.A. in Economics from the University of Delhi and an MS in Electronic Commerce from Claremont Graduate University.

Sandeep Muthangi, CFASandeep Muthangi, CFA

Senior Analyst

Sandeep is a member of the Emerging Markets Equity team. He has more than 12 years of fundamental investment analysis spanning various industries in the U.S, Japan, and India. Sandeep brings a bottom-up understanding of many technologies strengthened by his formal education in computer science and systems engineering.

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Prior to joining Fiera Capital in 2017, Sandeep served as a senior equity analyst at City National Rochdale. He also spent 9 years as a technology analyst at IIFL, an Indian services firm. During his tenure, he was ranked amongst the top-4 Technology analysts in India by Institutional Investor. He also worked as an analyst with CLSA in Tokyo, researching Japanese consumer electronics firms.

Sandeep has an MBA from Indian Institute of Management, Calcutta. He also holds a Bachelor’s degree in Computer Science/Systems engineering from Andhra University where he was awarded the dean’s gold medal.

Jocelyn Nga-Man Teh, CFAJocelyn Nga-Man Teh, CFA

Senior Analyst

Jocelyn is a member of the Emerging Markets Equity team. She has over 10 years of industry experience with an emphasis on analyzing Asian financial markets.

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Prior to joining Fiera Capital in 2017, Jocelyn was a senior equity analyst for the City National Rochdale Emerging Markets Team. She also worked as an analyst for Value Partners Limited, one of Asia’s largest independent asset management firms, and Bank of America Merrill Lynch’s Asia origination team. Her specialization within these roles includes: Greater China, ASEAN consumer equities, real estate, gaming, and lodging.

Jocelyn earned a BSc in Economics with a concentration in Finance from The Wharton School and a B.A. in Political Science from the College of Arts and Sciences at the University of Pennsylvania.

Joseph BlockJoseph Block

Senior Trader

Joseph is a member of the Emerging Markets Equity team. He has over 13 years of experience trading across various markets.

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Joseph joined the City National Rochdale Emerging Markets team in April 2016. Prior to joining City National Rochdale, Joseph worked at Nine Chapters Capital Management, a spin-off of Two Sigma Investments. At Nine Chapters, Joseph monitored portfolio exposure, liquidity risk, and supported the maintenance of the trading platform by updating and monitoring algorithms. Joseph also was involved in the hedging process for the equity portfolio. Prior to that he served as the head of trading at EMA Capital, a hedge fund investing in quantitative strategies, where he focused on U.S. and international equities, as well as options, commodities, and currencies. Prior to EMA Capital, Joseph was a trader at First New York Securities, a proprietary trading firm, where his primary focus was domestic equities.

Joseph holds a B.A. in Finance and Management from Tulane University.