New York
THE concept of an "emerging-markets asset class" (EM) may no longer be a sufficiently useful and accurate catch-all classification for investors.
The implications of this shift are important given the concept's pervasive influence on asset allocation methodologies, benchmarking and even the way investment companies (and their service providers) are organised. The category also determines how allocators of capital review their portfolio decisions, especially at the beginning of a quarter.
To understand why EM may be losing its prominence as an analytical tool, let's start with the three elements that typically define an asset class: First, its components share similar characteristics - geographic...
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