More dragging in the Year of the Dragon?
By: David Onyett-Jeffries
David Onyett-Jeffries is Vice President, Economics & Multi Asset Solutions, at Guardian Capital LP (GCLP) and provides macro-economic guidance to GCLP and its affiliates— Alta Capital Management LLC and GuardCap Asset Management Limited.
In what has become a common refrain, Emerging Market (EM) equities once again found themselves lagging behind their Developed Market (DM) peers over the last calendar year.
The MSCI Emerging Markets Index generated a 10% total return in 2023, its best performance in three years, but that materially trailed the 24% return recorded by the DM benchmark MSCI World Index — the former has now underperformed the latter for three straight years, in five of the last six, and nine of the last 13.
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Published: February 2024
