Emerging Markets April 2018

Tuesday, 17 April 2018

We expect Emerging Markets to continue to be volatile, but to outperform Developed Markets in coming months, based on their more favourable stage in the macroeconomic growth and interest rate cycles and more attractive valuation. Despite their cheap valuation, we reduce Russian equities to a Neutral weight, because increasingly onerous sanctions will weigh on the Russian GDP growth and earnings outlook.

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