JPM's Eidelman: EM bearishness is overdone

JP Morgan's emerging markets manager Leon Eidelman has argued the slowing of EM economies does not mean investors should write them off altogether.

Eidelman, co-manager of the £1.3bn JPM Emerging Markets fund, said: "We have seen bearishness from investors as growth has run out of speed and valuations hit 1.5 times book value. However, returns are still solid in absolute terms." Eidelman noted the perception that "emerging markets and developed markets are out of sync, as developed markets are accelerating and emerging markets are decelerating", may not be as reliable as it first appears. "When you actually look at the figures, emerging markets are still growing at 4% while developed markets are only at 2%," he said. He attrib...