I may be the most visible member of the Templeton Emerging Market Group, but behind the scenes (and often in front of them!) are many outstanding colleagues who I have great pleasure working with and learning from every day. We have a tremendous team of professionals at Templeton Emerging Markets Group, including 50 analysts and portfolio managers who span 18 markets and speak 17 languages. Here, I chat with Carlos Hardenberg, who has been based in Turkey for many years but will soon be moving to London and taking on some new responsibilities within the team. Learn about his early days on the team, and why he’s excited about cultivating potential investment opportunities—in more ways than one!
Mark Mobius: Do you recall your first day on the job as part of the Templeton Emerging Markets Group? Walk us back to that time and your first impressions.
Carlos Hardenberg: I had first joined the team in January 1999 via a nine-month research internship in Singapore. The most memorable things I recall during my early days on the team were the spirited debates between two of my colleagues from Vietnam and the United States about accounting treatments. They could argue a full day about whether an item had to be classified as “extraordinary” or “exceptional.” That level of focus and intensity on the details was a good learning lesson for me. I also remember you came by my desk one day and asked if I would mind travelling a bit. The very next day I left Singapore for a five-month trip. That was pretty unexpected!
Mark Mobius: The first of many trips with the team! We truly are always on the move. Speaking of moves, you’ll soon be taking a more expanded role within the Templeton Emerging Markets team and relocating to London. What does this change mean to you?
Carlos Hardenberg: Yes, I will be taking on a new lead portfolio management role and relocating my family, so a new perspective at work and at home. I earned my master’s degree in investment management from the London City University’s Business School so it is exciting to be back and to bring my family so that they can experience something different from our life in Turkey. London is a good hub. One of the big advantages is that many key people in the emerging markets world come through London on a regular basis, so it will allow me to meet with the management teams of portfolio companies pretty easily. It is also a good time zone to be in when you are working with team members that sit around the globe. We continue to refine our research and investment process and communication among the team is critical.
Carlos Hardenberg: 是的，我将担任新的领先投资组合管理职务并搬家到伦敦，所以这是工作和家庭的一个新的开始。我毕业于伦敦城市大学商学院，获得投资管理硕士学位，所以，回到伦敦是件让人兴奋的事情，我的家人可以经历与土耳其不一样的生活。伦敦是一个很好的枢纽。最大的优势之一就是全球新兴市场领域的很多重要人物会定期经过伦敦，因此我可以轻而易举地遇到各投资组合公司的投资团队。伦敦也处于一个很好的时区，你可以和全球的团队成员合作。我们不断地改善研究和投资流程，而且团队间的沟通至关重要。
Mark Mobius: Is there anything you will miss about living in Turkey?
Carlos Hardenberg: London clearly has a lot to offer, although after 10 years in Istanbul, I will miss it dearly.
Turkey is by far the most hospitable country I have lived in so far. My family has learned the language and we have always felt welcome there. The dynamic development we have witnessed over the past decade in such an important, historic setting has enriched my perspective and that of my wife and four children.
Mark Mobius: How do you feel your change of location will affect your market perspective or focus, if at all?
Carlos Hardenberg: As I will continue to travel a lot to emerging market countries, I do not think my relocation will change too much when it comes to my focus or strategy. However, being closer to the professional investment community in London can bring about certain advantages as well. Hundreds of emerging market corporations engage in meetings with investors in London every year; there are various emerging market sector and macro specialists based out of London and there is a lot of corporate merger and acquisition as well as financing activity is coordinated out of London. Being in London will allow me to be closer to the action. So the combination of a local presence in the most important markets, coupled with the information loop in London, should be an advantage.
Carlos Hardenberg: 因为我将继续前往很多新兴市场国家，所以我不认为我的关注点或策略会因为搬家而产生太大的变化。然而，更靠近伦敦的专业投资界也会带来一定的优势。数以百计的新兴市场公司每年在伦敦举行与投资者的会议，在伦敦我可以更靠近伦敦以外的各新兴市场行业及宏观专家，以及在伦敦以外进行的大量公司并购和融资活动。因此，伦敦的优势应该在于结合了当地最重要的市场，以及伦敦的信息圈。
We have a strong and experienced team including members of many different nationalities and I look forward to playing my part in this orchestra. The key is to focus on the best investment ideas in every region and to ensure we have a high degree of communication within the team. We keep on improving our research and investment process and I look forward to the opportunities we have in front of us.
Mark Mobius: Frontier markets have been your focus on the team. What is exciting to you about frontier markets today?
Carlos Hardenberg: Frontier markets remain the most vibrant economies we are investing in today. Technology is the dominant factor behind the rapid developments in Africa, Asia, and other frontier regions. The level of entrepreneurialism is astonishing, and the large and young consumer societies are increasingly demanding the same lifestyle as people in the Western world. What excites us is that we are still at a fairly early stage of the overall development cycle in most of these markets such as Kenya, Nigeria, Tanzania, Vietnam and Bangladesh, just to name a few. The opportunity to participate in very fast-growing businesses and potentially benefit from higher consumer spending and infrastructure investments is very appealing.
Carlos Hardenberg: 在我们当前所投资的市场中，前沿市场仍然是最具活力的经济体。科技是非洲、亚洲和其他前沿地区快速发展的主要因素。他们的创业精神令人震惊，大型且年轻的消费社会的需求越来越高，他们追求与西方世界一样的生活方式。令我们兴奋的是，我们仍然处于大部分前沿市场（如（略举）肯尼亚、尼日利亚、坦桑尼亚、越南和孟加拉国）整体发展周期的较早期阶段。参与快速增长企业的发展，并从高消费支出和基建投资中获取潜在收益，这样的机会是非常有吸引力的。
Mark Mobius: What would you tell investors who may be rattled by the volatility these markets (and really any market) can face at times?
Carlos Hardenberg: The most recent period of high market volatility is a reflection of uncertainty and conditions in markets, namely the United States and China. We are swinging constantly from risk-on to risk-off and should not lose sight of the underlying fundamentals. But often we observe that volatility creates opportunities—just like Warren Buffett once said—the stock market serves as a relocation center at which money is moved from the active to the patient! We try to assess if companies are sold for the wrong reasons and whether “short-termism” is the driving force of the volatility, which could present us with decent buying opportunities.
Mark Mobius: What is the most challenging part of your job, and what is the most rewarding?
Carlos Hardenberg: In this job, you need to be able to manage stress. But I believe that this is probably true for most jobs. Managing time efficiently and preventing yourself from being distracted is also very important. It is very rewarding if you deliver results to your clients, and hugely rewarding if our bottom-up stock ideas turn out to perform as we expect. It is also very rewarding to cooperate so closely with colleagues from around the world and jointly generate and develop investment ideas.
Mark Mobius: Is there anything people would be surprised to know about you?
Carlos Hardenberg: I am really interested a lot in nature; I just planted over 30 apple trees. I will have to compete with imported apples from China though—so China is an important factor even in my personal life!
Carlos Hardenberg: 事实上让我感兴趣的事物很多。我种植30多棵苹果树，我将不得不与来自中国的进口苹果竞争，所以中国在我个人生活中占有重要的地位。
Mark Mobius: How do you like to spend your free time outside of work?
Carlos Hardenberg: Of course I enjoy spending time with my family. My wife, four children (age 5,7,9 and 12) and I went on a cycling trip in northern Italy this summer which was a great experience. I also enjoy reading history books, running, and skiing in the winter.
Carlos Hardenberg: 当然，我喜欢跟家人在一起。这个夏天我和妻子、四个孩子（分别为5岁、7岁、9岁和12岁）去意大利北部骑行，那是很棒的经历。我也喜欢阅读历史书籍、跑步以及在冬天滑雪。
Chetan Sehgal's comments, opinions and analyses are for informational purposes only and should not be considered individual investment advice or recommendations to invest in any security or to adopt any investment strategy. Because market and economic conditions are subject to rapid change, comments, opinions and analyses are rendered as of the date of the posting and may change without notice. The material is not intended as a complete analysis of every material fact regarding any country, region, market, industry, investment or strategy.
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What Are the Risks?
All investments involve risks, including the possible loss of principal. Investments in foreign securities involve special risks including currency fluctuations, economic instability and political developments. Investments in emerging markets, of which frontier markets are a subset, involve heightened risks related to the same factors, in addition to those associated with these markets' smaller size, lesser liquidity and lack of established legal, political, business and social frameworks to support securities markets. Because these frameworks are typically even less developed in frontier markets, as well as various factors including the increased potential for extreme price volatility, illiquidity, trade barriers and exchange controls, the risks associated with emerging markets are magnified in frontier markets. Stock prices fluctuate, sometimes rapidly and dramatically, due to factors affecting individual companies, particular industries or sectors, or general market conditions.
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The technology industry can be significantly affected by obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants as well as general economic conditions. The technology sector has historically been volatile due to the rapid pace of product change and development within the sector.