Driehaus Event Driven February 2019 Commentary and Attribution
The homeownership rate, according to the Census Bureau, increased to 64.8% (up 60 basis points year over year) in the fourth quarter, driven by a younger buyer. More specifically, home ownership among buyers less than 35 years old increased to 36.5%, up 50 basis points compared to last year.
On a country specific basis, we see dispersion across higher carry currencies in EM, with sound policy supporting the case for countries such as Indonesia, Philippines, and Brazil, while pivotal upcoming elections in India and South Africa could be a precursor to improved growth and reform. With inflation largely at bay across EM, we see a healthy backdrop for domestic demand.