Investing Outside the U.S.

Opportunities in overseas markets can be yours with the guidance of our expert panel of money managers

of the asset classes, real estate, U.S. equities, U.S. bonds, and international. You have to put it all together in a diversified portfolio, that’s how you’re going to achieve the most efficient risk-adjusted returns.

RON HOLT
Hansberger Global Investors

Stock (Exchange: Ticker)

Price at Recommendation*

Projected Growth Rate

Samsung Electronics Co. Ltd. (KSE: 005930.KS)

$417,000 (Won)

15% — 20%

Petrobras (NYSE: PBR)

28.39

NA

Kingfisher PLC. (PNK: KGFHF.PK)

5.36

15%

*AS OF JULY 20, 2004. SOURCE: YAHOO FINANCE, RON HOLT

Samsung: “It’s a leader in its product. It’s a brand that continues to grow and the company continues to be very attractive in terms of valuation–trading on a forward price-earnings ratio of less than 10 times–despite what we think is solid underlying 15% to 20% earnings growth moving forward.”

Petrobras: “Based in Brazil, Petrobras is one of the world’s 10 largest oil companies and one of the leading deepwater operators worldwide. Over the long term, Petrobras is expected to be one of the fastest oil and gas companies in the world in terms of production. The company is expected to benefit from rising gas demands in Brazil. Despite such a positive growth outlook, Petrobras’ valuations are among the lowest in the world.”

Kingfisher: “Kingfisher is a U.K.-based home improvement retailer. They are the dominant player in France, Taiwan, and China. The company trades around 12 or 13 times earnings, and we believe it can grow in the 15% range moving forward.”

 

EDDIE RAMOS
Brown Capital Management

Stock (Exchange: Ticker)

Price at Recommendation*

12-Month Price Target

Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA)

$32.23 

$42.00

Walmart de México. (PNK: WMMVY.PK)

29.75

37.00

Espirit Holdings (SEHK: 330.HK)

34.20

44.00

*AS OF JULY 20, 2004. SOURCE YAHOO FINANCE, EDDIE RAMOS

Teva: “They produce generic drugs at a time when there are all kinds of constituencies pushing for more affordable drugs. Anytime something bad happens in Israel, usually Teva is affected adversely in terms of the stock price. But that’s the time to go in and purchase the stock because the long-term projection of this company is that it’s going to continue growing.”

Walmart de México: “The attraction to this company is that even without looking at the company’s business model, you have to appreciate the fact that the Mexican economy, we feel, is going to be a strong consumer growth economy in the long run. Walmart is just the operating muscle and the purchasing muscle.”

Esprit: “This company is a Hong Kong-based retailer. In the last three years, it has grown about 40% per annum. The company has an incredible amount of space to grow, not only in Europe–where 80% of the sales come from–but obviously also in Asia and the United States, where it recently bought back its brand.”

 

THOMAS MIMS
Emerging Africa Ltd.

Stock (Exchange: Ticker)

Price at Recommendation*

12-Month Price Target

AngloGold

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