Invest with care in emerging markets

AFTER more than a decade as a global market darling, emerging market equities and bonds have suffered a humbling comeuppance. Over the past three years, returns have turned negative; the broader MSCI Emerging Markets Index has been relatively resilient with an annualised loss of 3 per cent, compared with a loss of more than 9 per cent per annum for Latin America.

Not surprisingly, some are raising the question of whether the structural growth story that had long underpinned expectations for emerging...

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