– Emerging market asset classes have experienced a broad-based sell-off across regions and asset classes, similar in severity to the Taper Tantrum in 2013.
– In contrast to the rst half of the decade, we do not see this as the start of a prolonged period of EM underperformance.
– Improved fundamentals, a more growth-supportive China and more attractive valuations suggest to us that for investors with a longer-term investment horizon, emerging market assets offer good diversi cation and return potential.
– Still, heightened trade tensions and a Fed set on tightening further present meaningful risks, suggesting that emerging markets are likely to remain volatile in the near term.
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