Contrarian: Where now for the four EM horsemen of the apocalypse?

Until just a few months ago, emerging markets seemed doomed. The four horsemen of the EM apocalypse were supposed to be Brazil, Turkey, South Africa and everyone's least favourite demon - Russia.

The headwind slamming into these EM hooligans was obvious; a tightening of US monetary policy as the Fed slowly raised interest rates. The US dollar inevitably strengthened and then just to hammer the final nail in the coffin, commodity prices plummeted and oil went into a tailspin. But, as we look back on the first quarter of 2016, things have not quite turned out as expected. The coffin may have been prepared but like some shambling demonic zombies, the EM space has somehow come back to life. EM turnaround According to Bloomberg, an index of the top 20 EM currencies has just recor...