Jefferies upgrades Ashmore Group to 'Buy' on returning EM investor appetite

‘Down but not out’

Valeria Martinez
clock • 2 min read

Jefferies has upgraded specialist emerging markets investment manager Ashmore Group (ASHM) to ‘Buy’, as the analysts argued the environment for EM debt “looks favourable from here”.

The asset manager's share price is down over 19% in the last three years, according to Morningstar Direct. In the third quarter of this year, assets under management continued to decline, pushed down by negative investment performance and net outflows of $2.9bn. In a research note, analysts Laura Gris Trillo, Tom Mills, Julian Roberts and Fangfei Li wrote that the firm's current valuation offers an "attractive entry point" due to expectations its shares will be a "geared play on an EM recovery". Ashmore outflows mount as AUM drops 8% in Q3 2023 "ASHM is down but not out. The cyclic...

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