Bullish commodities exposure in EM equities

  • Commodities bull case: demand growth (US-EU rate cuts), renewables, under-investment and conflict risks for supply

  • Large EM: Brazil (cheap, rate cuts) and Saudi (structural reform) over South Africa (cheap but dysfunctional politics)

  • Small EM top picks: Kazakhstan (fossil and non-fossil blend), Qatar (cheapest), and Chile (cheap, key for renewables)
January 9th, 2024
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