They Think Its All Over Is It Now

The report highlights that while the long-term structural case for Emerging Markets remains, near-term Fed rate hike expectations and a stronger dollar have tempered expectations. The author has taken significant profits on Korean equities while remaining constructive on Brazilian carry.

Key Takeaways

• 1.Fed hikes and stronger USD expectations are eroding the near-term pillar of EM outperformance.
• 2.The structural case for EM outperformance remains, with US hyper-exceptionalism ending and growth shifting to Asia and other developing nations.
• 3.Tactical adjustments include taking 102% profit on KOSPI longs while remaining bullish on Brazil's carry.

Table of Contents

• ASSET ALLOCATION
• Key to recommendations
• ABSOLUTE VIEWS
• CLOSED VIEWS
• Disclaimer

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