Andrew Miller, CIO-Emerging Markets Equities, provides an outlook for emerging markets including what the unprecedented number of elections in 2024 means for emerging markets investors, current portfolio positioning and where we see opportunities going forward.
The recent performance of equity markets has been marked by a stark divergence between the US and the rest of the world, significantly inflating the premium attached to US equities.
Watch as Senior Portfolio Manager, Matt Day, explores the overvaluation of the US Dollar from a historical perspective.
Increasingly, many investors are questioning the need to allocate capital to non-US equities. This raises a crucial question: are there compelling reasons to diversify internationally? In this paper, we will explore the arguments for investing in markets outside the US.
While emerging markets face an uncertain economic and political landscape, we remain optimistic about long-term prospects, especially in undervalued markets.
According to our valuation standards, Local Currency EMD benefits from high PRYs and attractive currency valuations while Hard Currency EMD is tainted by very low credit spreads and an overvalued US dollar.
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