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THIS MATERIAL IS A MARKETING COMMUNICATION.

2021 Emerging Markets Outlook: Checking All the Boxes

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Emerging market equities show significant growth potential for 2021. We believe there is notable opportunity for a market re-rating in 2021 driven by a Covid-19 vaccine-led recovery in global demand, a weaker US dollar stemming from dovish monetary policy and increased fiscal stimulus, and a low global interest rate environment.

Asia ex-Japan: We are increasingly optimistic about the outlook and growth

recovery for Emerging Asia ex-Japan. We believe the region will likely continue to benefit from an improving global growth outlook on the back of vaccine advancements. We also see an opportunity for renewables driven by an increasing ESG awareness and government investments in sustainable infrastructure.

Latin America: Coming from depressed asset prices, Latin America should be one of the largest beneficiaries of synchronized global growth in 2021. A recovery in global activity led by a Covid-19 vaccine combined with a weaker US dollar should support commodity prices, which could translate into foreign direct investment and job growth in the region.

Eastern Europe, Middle East & Africa (EEMEA): EEMEA boasts a wide range of opportunities based on discounted multiples, a rebound in global demand for natural resources, improving geopolitical rhetoric, and sound domestic consumption stories. We are most optimistic about Russia, driven by a combination of attractive valuations and macroeconomic tailwinds.


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