Stock price when the opinion was issued
Many investors are ignoring emerging markets, and this in itself creates potential. They are very cheap vs historical levels. Much of the pain has come from a strong US dollar. When US interest rates come down this might be the catalyst needed. But we would expect heightened volatility for sure around the US election. It comes down to confidence. If US investors are confident, they will move some money to other countries. A strong US economy can 'pull' others along as well. The current 'the US is the only alternative' mentality may last longer, but we don't think it lasts forever. Thus, we think small exposure internationally still makes good sense overall.
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Low-cost exposure to all the emerging markets in the world. These markets are less expensive than the US. Probably a lot of the next decade's growth will come from them -- driven by better demographics, rising middle classes, industrialization, and realignment away from China.
Most investors are probably underweight EMs. Great opportunity to diversify. It's an inflation hedge, too. With commodity price inflation, fast-growing EMs tend to do very well.
Pick predicated on Chinese economy improving. Also a way to diversify. India has done remarkably well, Brazil is benefiting from US-China trade tensions. EMs are back in vogue.