Dollar and recession fear pound EM: Emerging-Frontier Equity Monthly – September

  • In September, US dollar up 3.4% and US 10-year yield up 69bps: tough backdrop for EM equities, which fell 12%

  • Recession fears hit commodities (eg oil down 15%), which dragged down year to date outperformers, eg Brazil, Saudi

  • Attractive value, eg manufacturing (Mex, Viet), tourism (Thai, Georgia), commodities (Brazil, Chil, Saudi), tech (China)
September 30th, 2022
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