- UBS, for example, expects EM stocks and fixed income to earn between 8 per cent to 15 per cent in total returns after a 15-per-cent to 25-per-cent pummeling this year. A “bullish” Morgan Stanley expects a near 17-per-cent return on EM local currency debt. Credit Suisse “particularly” likes hard currency debt, while BofA’s latest global fund manager survey shows “long EM” is the top “contrarian” trade.“It’s a kind of a wholesale de-grossing of risk,” said T. Rowe Price EM portfolio manager Samy Muaddi, who has started dipping his toe back into what he describes as “well-anchored” EM countries such as Dominican Republic, Ivory Coast and Morocco. READ MORE
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