Bullish on EM Equities: Improving Sentiment & Valuations
This week I covered the following topics:
1. EM Equities: Remain bullish EM equities given improving technicals, decent reset+upturn in sentiment, cheap valuations, and still historically low allocations by investors (+rate cuts and weaker USD).
2. EM Fixed Income: Remain bullish EM fixed income given promising technicals, cheap valuations + elevated real yields, ongoing rate cuts (and contained inflation), improved outlook for EMFX.
3. Commodities: Remain bullish commodities given improved technicals, cheap valuations, upturn in sentiment and positioning, along side previously outlined macro/thematic +supply underinvestment case.
4. GSV vs ULG: Remain bullish Global/Small/Value (vs US/Large/Growth) given extreme cheap relative value (and cheap absolute value), tentatively turning technicals (albeit so far mixed progress).
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