EM: Setting Up for a Better Future.

CIO letter» |

May 6, 2014

The last decade may well be remembered as the golden era for Emerging Markets (EM). At this point, there is a legitimate question as to whether the time is ripe for a positive reassessment of the EM investment case, or, conversely, if we are undergoing a new cycle of high volatility and frustrating returns for the asset class, such as that experienced in the 90s. If we look at our expected long-term returns for all the major asset classes, based on current valuations and the forces of mean reversion, to us, EM equities appear to offer the biggest opportunity on a five- to seven-year horizon.


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