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PRODUCTS&MARK


Emerging markets diverge as Covid leaves its mark


LARGESTEMERGINGMARKETEQUITYFUNDS PROVIDER


FUND MANAGER DOMICILE BlackRock Vanguard JPMorgan Vontobel


Fund Managers Em Mkts R EUR Acc Fidelity


Hermes


Fidelity Em Mkts A-DIST-USD


Schroders Comgest JPMorgan Nordea


Schroder ISF Em Mkts A Dis USD AV


Opps A (acc) USD Nordea 1 - Emerging


Stars Equity BI EUR * Supplied by Morningstar; Returns through to 30/09/2020


Emerging Mkts USD Acc JPM Emerging Mkts


Comgest Growth


iShares EmergMkts Idx Kieran Doyle (IE) Flex Acc GBP


Vanguard Emerg Mkts Stk Idx Inv EUR Acc


Vontobel mtx Sust EmMkts Ldrs I USD


N/A


JPM Emerging Markets Austin Forey & Equity A (dist) USD


Thomas Schaffner


Leon Eidelman; Roger Merz &


Federated Hermes Glb Gary Greenberg


MSCI EM NR USD Ireland


Ireland Luxembourg Luxembourg Ireland Nick Price & Amit Goel Luxembourg


Robert Davy & TomWilson


Team Team Luxembourg Ireland Luxembourg


Juliana Hansveden & Luxembourg Emily Leveille


CURRENT PERFORMANCE NET


€9.9bn €8.8bn €8.4bn €6.2bn €4.6bn €4.3bn €3.9bn €3.8bn €3.5bn €3.2bn 2.2% 2.6% 11.8% 3.4% 5.5% 8.0% 3.3% -3.5% 1.4% 17.1%


8.3% 7.8%


1 YEAR 3 YEAR 5 YEAR KIID


ASSETS* RETURN RETURN RETURN CHARGE 2.8%


46.2% 46.2%


7.5% 28.1% 12.5% 13.7% 14.0% 9.9% -3.0% 11.4% 24.1% 43.9% 82.3% 72.7% 68.2% 47.2% 49.8% 25.5% 58.7% 77.7% 0.06% 0.23% 1.74% 1.16% 1.61% 1.93% 1.87% 1.56% 1.75% 0.95%


EMERGINGMARKETS WRITTENBY ELLIOTSMITHER


Coronavirus has sparked volatility across emerging markets, but clear winners can be found in terms of both regions and sectors


I


t is often tempting to lump emergingmarket economies into onehuge bloc, despite the obvious differences between markets.But the coronavirus


pandemic has illustratedhowthese economies performvery differently to one another. EmergingAsianequities outshone


the broader asset class in the third quarter, with investorsheadingfor local technologycompanies,while LatinAmerica struggledandEuropean markets alsounderperformed.


66 OCTOBER/NOVEMBER 2020


While it is too early to assess the


full damage of Covid-19, and the longer-term changes it will trigger in global supply chains and demand for emerging markets export, it is clear that some economies have made it to the other side while others face an uphill task, says Kunjal Gala, global emerging markets co-portfolio manager, international at Federated Hermes. “Marketswhich were ‘first-in’ and


‘first-out’ have led the rebound in emerging markets and those still struggling with the first-round effects have performed theworst,” he explains, “which has resulted in a two-speed recovery.” In China,KoreaandTaiwan,


whichmakesup65 per cent of theEM investment universeandindex, the virus situation has been controlled and economic activity is back to


85-90 per cent of pre-Covid levels with stockmarkets for all threemoving into positive territory. In particular, China’s recovery has


been faster than expected. “Markets are inextricably linked


andChina’s V-shaped recovery to pre-Covid levels is an important driver of recovery indemand supporting exportmarkets likeKorea andTaiwan;but, beyondthat, the ripple effect ofBeijing’s focusedFAI [fixed-asset investment] stimulus is supporting the commodity-sensitive markets ofEmeaand LatinAmerica,” he explains. Despite thedamagedonebythe


pandemic, theemergingmarket structural growthstory remains intact, believesMrGala, drivenby anaspiring, growingmiddle class, risingdigitalisation, reformsand infrastructuredevelopment.


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