Which out of favour market has caught First State GEM team's eye?

First State Stewart's global emerging markets team is turning more positive on one of investors' least-loved global equity markets, saying valuations now warrant closer attention.

The emerging market specialist, which will split into two companies this July, has preferred Asian exposure to Latin American plays within Jonathan Asante's GEM portfolios, but is now finding opportunities for investment in the region as regional performance diverges, notably in Brazil. Soaring share prices in India and China over the past 12 months have contrasted with a slump in returns for Brazil, which have been intensified by a corruption scandal involving state-owned energy firm Petrobras.  The First State team said: "After a [prior] period of strong performance by the equity ma...