Lazard's global income manager backs EMs to spur divi growth

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Lazard Global Equity Income manager Pat Ryan has been buying EM stocks on valuation grounds as the region continues to underperform global indices.

Over 20% of Ryan's portfolio was held in emerging market stocks as of the end of January, more than double the EM weighting in the fund's MSCI All Country World Index benchmark. Having had a zero weighting to the three regions 3-4 years ago, Ryan holds over 10% of the portfolio in Brazilian, Chinese and Russian stocks, and likes emerging market financials in particular. Emerging market stocks - those in the BRIC nations in particular - have suffered over the past year, and in 2014 in particular. The MSCI BRIC Index, for example, has fallen 16.5% over the 12 months  to 14 March, and 11...

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