Table of Contents
A greater burden of proof ........................................................3
Global emerging markets model portfolio by country ........14
Global emerging markets model portfolio by sector...........15
Key Trades ..............................................................................16
Risks........................................................................................21
Brazil: Strong Flows, Stronger FX ........................................26
China: Leading the Global Recovery ....................................28
South Korea: Taking a breather ............................................30
Taiwan: Potential earnings upside........................................32
Russia: Earnings in the spotlight..........................................34
India: Cyclical recovery vs. monsoon drag..........................36
South Africa: Currency woes ................................................38
Mexico: US macro leverage & fiscal reform.........................40
Malaysia: Rebuilding confidence..........................................42
Thailand: Domestic economy brightening ...........................44
Indonesia: surprising on growth...........................................46
Turkey: Turning point ............................................................48
Philippines: More upside ......................................................50
Extended markers ..................................................................53
Consensus Asset Allocation .................................................57
Hindsight trades .....................................................................58
Composite valuation indicators ............................................60
EMBIG100................................................................................64
Emerging Markets Strategy Dashboards .............................71