Caution remains the watchword for investors in emerging markets

EMERGING markets (EM) have been languishing under a cloud over the past 3-4 years, weighed down by growth concerns. It seems those concerns remain uppermost in investors' minds as 2014 draws to a close. Investors are typically urged to invest when sentiment is poor. At this time, however, piling into emerging markets may well be premature, even though the underperfor- mance has been sharp.

Over the past three years, based on MSCI indices, the emerging markets have been in the red, with returns at...

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