Pakistan back to the Frontier index but compelling value whatever it is called
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MSCI confirmed Pakistan's shift from EM index (2bps) to FM (1.9%) and potentially FM100 (5.8%). Still in FTSE EM (2bps)
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From an irrelevant weight (too small for EM funds) to an irrelevant index (largely abandoned by surviving "FM" funds)
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More importantly, Pakistan is cheap, reflecting its very widely understood risks more than its structural improvements
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.