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Emerging Market Spotlight

James Syme gives his outlook on emerging markets given slowing economic growth in China and the slowing cycle.

  • James Syme
15 Jul 2019
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View PDF   Download PDF  
  • The outlook for emerging markets in the second half of 2019 and beyond has two main macro drivers: US rates and yields, and Chinese growth.
  • While the expectations are for a slowdown in the future in the US, economic growth in China is unambiguously soft.
  • EM equities remain in aggregate a highly cyclical asset class, but the first half of 2019 has shown that a slowing cycle still creates great opportunities within the asset class.

Disclaimer

Past performance is no guarantee of future performance. Source: JOHCM/Bloomberg as at 21 June 2019.The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Investing in companies in emerging markets involves higher risk than investing in established economies or securities markets. Emerging Markets may have less stable legal and political systems, which could affect the safe-keeping or value of assets. The Fund’s investments include shares in small-cap companies and these tend to be traded less frequently and in lower volumes than larger companies making them potentially less liquid and more volatile. The information contained herein including any expression of opinion is for information purposes only and is given on the understanding that it is not a recommendation.

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