Experienced investor Mark Mobius is retiring from his investment firm, ending a 40-year career as an investor, the Financial Times reports.
Through a London Stock Exchange press release On Friday, it emerged that the legendary investor known for investing in emerging markets wants to retire in the coming months from the company that bears his name, which he founded in 2018.
Mobius, 87, is one of the industry’s most prominent managers in emerging markets and was among the first to start funds dedicated entirely to these markets more than 30 years ago.
Built a huge box
He spent most of his career at Franklin Templeton, where he launched one of the world’s first funds dedicated to emerging economies in 1987. He grew Templeton’s emerging markets group’s investments in the sector from $100 million to $40 billion during his time there.
After retiring from Franklin Templeton in 2018, he co-founded Mobius Capital Partners with Carlos Hardenberg and Greg Konieczny, with whom he also worked at Franklin Templeton.
– Our journey over the past five years has been marked by progress, and we are sincerely grateful for the results we have achieved. “We extend our deep gratitude to Mark for his outstanding contribution to emerging market investing throughout his long career,” says Carlos Hardenberg, who has been with Mobius for 23 years.
– I’ll follow along
The fund, which invests mainly in Taiwan, India, South Korea and Brazil, has returned 26.9% since its founding, and in February had $250 million under management, Bloomberg wrote.
“I am proud of the strong performance of the investment team over the past five years, which demonstrates that a focused, diversified portfolio of high-quality stocks can generate superior returns,” says Mobius.
He adds: – As a shareholder of Mobius Investment Trust, I will follow the company’s progress closely and remain available to the team and the Board of Directors.
Hardenberg told the Financial Times that the departure is taking place amicably and new partners in the company will be announced in due course.
Warning from China
Although Mobius focused on emerging markets and Asia, he remained wary of investing in China. In March, he told Fox Business that he couldn’t take his money out of China because of capital controls in the country.
-I can’t get my money out. Mobius said that the authorities are restricting the flow of money out of the country, adding:
-I would be very careful about investing in China.
According to the investor myth, China is now moving in a completely different direction than the country did under former leader Deng Xiaoping, who began a major reform program with the Chinese economy.
– I do not think it is a beautiful picture, when the authorities become more oriented towards controlling the economy.
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