The underperformance of emerging market (EM) equities over the past ten years has been frustrating for allocators but in our view has had very clear causes. While a number of things have gone into this relative underperformance, we see the three largest factors as having been company-level profitability trends, the impact of the US dollar, and the volatility of local economic cycles and what that has meant for local interest rates.
Featured Commentary
EM vs. DM – The Unhappy Decade. Why it’s set to Change
By Richard Thies
The underperformance of emerging market (EM) equities over the past ten years has been frustrating for allocators but in our view has had very clear causes. While a number of things have gone into this relative underperformance, we see the three largest factors as having been company-level profitability trends, the impact of the US dollar, and the volatility of local economic cycles and what that has meant for local interest rates.
Driehaus Portfolio Manager Michael Caldwell talks with Brian Gilmartin on the CFA Society Chicago Podcast
By Michael Caldwell
Driehaus Portfolio Manager Michael Caldwell talks with Brian Gilmartin on the CFA Society Chicago Podcast