Emerging markets, Covid-19 and the small-cap opportunity
'Unloved asset class'
Christopher White of the Somerset Emerging Markets Discovery fund
It has been a tough decade to be an investor in emerging market equities. Over the past ten years, emerging market stocks have risen just 10% in US dollar terms. US stocks, by contrast, have risen 300% over the same period.
Underperformance has continued this year: while the S&P 500 is remarkably now almost flat for the year despite the impact of Covid-19, EM stocks are still down around 10%. Understandably, many investors...
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