After the surprising results of the US election, emerging markets sold off sharply. We believe that this was driven by sentiment rather than fundamentals. The new levels should offer attractive entry points for investors.
The emerging-markets story remains intact. As broad segments of the global population continue to advance towards middle-class lifestyles, private consumption persists as a major theme. This drives GDP growth in China, India, and across the regions, and creates opportunities in sectors as diverse as personal care, transportation, and sports. We expect raw-materials-dependent countries such as Brazil, Russia, and South-Africa to stabilize as well, based on recovering consumption and robust demand.
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