Despite persistent negativity in the economic outlook, emerging markets have several factors in their favor. After a decade of dominance from the US, fresh market drivers are being established.  We have seen a sell-off in US tech, in what some market watchers are dubbing ‘the revenge of the physical’. EM is an undoubted beneficiary of this theme. Emerging markets are home to the majority of the world’s resources, including energy resources, which will continue to be in short supply this winter, supporting current prices levels. In the longer term significant investment is required for the world to reach its de-carbonisation goals. Meanwhile, the appeal of emerging market demographics should become more apparent as structural growth opportunities get harder to come by in a tougher economic environment.

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IMPORTANT INFORMATION
This commentary is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future or other derivatives in such securities. The Fund’s adviser, one of its affiliated advisers, or its employees, may have a position in the securities named in this report.

Risk Considerations 

(e) Emerging Markets risk: The fund invests in emerging market equities and / or bonds. Investing in emerging markets involves a greater risk of loss than investing in more developed markets due to, among other factors, greater political, tax, economic, foreign exchange, liquidity and regulatory risks. 

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