This update is mostly about things that didn't happen in 2019, specifically in China, and those non-events are important given what was expected by some investors and market commentators.
Disclaimer
The views expressed are those of the portfolio manager as of January 2020, are subject to change, and may differ from the views of other portfolio managers or the firm as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice.
Many investors have assumed that dollar strength is the new normal, but pressure on the dollar is building. And when the dollar does roll over, the history of EM equities suggests the asset class could deliver very strong returns.
Improving US dollar liquidity and a weaker dollar have the potential to drive very strong economic uplift and equity market returns in EMs.
Despite the slowing global growth and trade war headwinds, James Syme outlines where the team are still finding opportunities.
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