Calvert: feared commodity bubble will have little impact on emerging markets

Will Calvert, manager of Axa IM's Emerging Markets fund, says investors should no longer perceive emerging regions as pure commodity plays.

His comments come as fears mount commodity prices are in bubble territory as the broad LME index, including aluminium, copper, lead, nickel, tin and zinc, last week hit 20-month highs. However, he believes the impact on emerging markets of this price rise is overstated by some investors. “We believe EMs should cease to be seen as a global cyclical play. “They are becoming a growth story in their own right, so we would like to see the connection between commodities and EMs break down,” he says. Despite the fact Calvert believes funds such as his portfolio are not pure commodity p...