It may seem strange to consider emerging markets a potential safe haven, but arguably that is now the view of many of those looking to mitigate the political uncertainties in Europe and the US.

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There has been significant momentum behind Asian markets in recent months. The MSCI AC Asia ex Japan rose 13.4% in US dollar terms during the quarter, the best start to the year since 1992.

Recent geopolitical turmoil and concerns about the Trump administration's ability to enact promised fiscal reforms have led speculators to push up the yen versus all currencies once again.

US bank stocks have rallied hard since the US elections in November with the S&P bank index climbing 24% from election day.

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Earnings growth is projected by some market strategists to bounce back in emerging markets in 2017 following five lacklustre years, writes James Donald, head of emerging markets at Lazard Asset Management.

Tim Love, investment director for emerging market equities at GAM, explains why the team is biased towards the frontier markets of Vietnam, Argentina, Romania and Pakistan.