PENSIONS&INVESTMENTS: Emerging markets portfolio globalization: The next big thing

One of 2014's great investment surprises has been emerging markets equity performance. Notwithstanding negative news (from Ukraine to China, Turkey to Thailand) and record foreign investor outflows, MSCI EM equity is up 5% in the first half of the year in line with MSCI All Country World Index equity. Emerging market financial assets have been remarkably resilient; the question is why? The answer lies in the greatly underappreciated fact of emerging markets' domestic financial asset expansion.

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