A top-down perspective on emerging and developed market drivers

As investors weigh the implications of COVID-19 and what the recovery will look like, a global top-down perspective can help investors identify where future outperformance is most likely to come trom. Developed and emerging markets represent the two major sub-asset classes within global equities, and over time the two have traded leadership over longer cycles.

In the last decade, developed markets have led emerging markets as growth has significantly outperformed value. This paper seeks to explore what factors could influence a transition in leadership from developed markets to emerging markets. Through a top-down lens, we will look at economic, political and sentiment drivers that influence investment returns in each respective category.

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Supporting documents

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