Stephen Simpson, CFA
Long only, growth at reasonable price, value, research analyst

Magnit Has Some Attractive Qualities

Emerging market investing isn't for everybody, but the rewards can be pretty appealing. Even in a relatively unexciting area like food retailing, CBD (NYSE:CBD) and FEMSA (NYSE:FMX) have done considerably better than the S&P 500 over the past five years, returning 242% and 277%, respectively, against about 139% for the U.S. index. Granted, FEMSA is not purely a retailer and not all retailers have done so well - Wal-Mart de Mexico (OTCQX:WMMVY) is up about 104% over that same stretch, while Turkey's BIM is up only 14% and South Africa's Shoprite is down around 23%.

That brings me to Russia and Magnit (OTC:MGJCL), Russia's largest food retailer by store count and sales...

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