Global investors have the most cash on their books in 15 years and are overweight emerging-market equities while ditching Japanese and European ones.
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Would you take a global emerging-market equities approach, or go regional and focus on Asian, Latin American or Emea stocks?
The “most hated asset class of the last few years” will be the best performer in 2016, argues Jan Dehn, head of research at UK fund house Ashmore.
Amid huge divergence in fund managers' views about the US Federal Reserve's first rate hike in nine years, Asia is widely seen as better placed than other emerging-market regions.
Emerging market hard-currency bonds generally seem a better buy now than their local-currency equivalents, says Sergio Trigo-Paz, the US fund house's head of EM debt.
But this approach by developed-country governments is allowing emerging-market banks to take the lead in servicing investors in their local debt markets, argues Jan Dehn.
