Brazil

You may not have enjoyed 2016 but it was actually a decent year for investors. Perhaps surprisingly, Russia, Brazil and high yield top the performance rankings, which goes to show the wisdom of avoiding crowded trades.

Before you think of asking yourself which way emerging markets are going to go this year, stop, writes Tamsin Evans, head of multi-asset at River and Mercantile Asset Management.

Introduced new long-term discount target

Four factors for a super-Goldilocks economy

Brazil and Russia top performers for 2016

Emerging markets continue to face a number of macroeconomic challenges, often linked with the dramatic falls in commodity prices and political risks that investors must discount for.

Renewed expectations of a US interest rate rise and the uncertain outcome of the imminent US election have recently contributed to more moderate returns from emerging market bonds after their solid year-to-date performance.

Raman Aylur Subramanian, head of equity applied research at MSCI, analyses the opportunities different emerging market countries have offered investors in the recent rally and how a handful of sectors have been key to the region's outperformance.

Replaced by interim Michel Temer

Regime change less of a threat