Structural Change in Emerging Markets: 4 Key Forces to Understand (Wellington Management)
- Economic development is generating four forces of structural change across emerging markets (EMs): greater inclusiveness, enhanced productivity, improved living standards and better sustainability.
- Countries that make progress towards economic development offer more fertile environments for investing.
- Traditional EM indexes are underexposed to the forces of structural change.
- An unconstrained, thematic approach can offer targeted access to development opportunities.
THE TAILWIND OF ABOVE-TREND GROWTH SHAPED THE EM INVESTMENT ENVIRONMENT OVER THE PAST 20 YEARS. This growth advantage has begun to fade; we suspect it will not return to the same extent in the near future. Instead, a change in policy priorities, together with an environment of slower but steadier growth, is creating different investment opportunities from those that characterised the last cycle. The Wellington research agenda is focused on trying to understand this transition and its investment implications. This paper isolates four key forces of structural change across EMs, and offers a framework for translating these structural changes into potentially attractive investment themes. READ MORE
- Structural Change in Emerging Markets: 4 Key Forces to Understand (Wellington Management)
- Understanding Four Forces of Structural Change in Emerging Markets (Wellington Management)
- The Future of Emerging Markets: A Development Marathon, Not a Growth Sprint (Wellington Management)
- Emerging Markets: How to Unlock the Next Wave of Returns (Amundi Asset Management)
- India: Underappreciated Alpha Opportunity? (Wellington Management)
- CLSA Equity Strategist Says India is the Best BRICs Investment Destination (LM)
- Economic Prospects in Several Emerging Asia Countries (Wells Fargo Securities)
- Emerging Markets Strategy Feb 2018: Volatility Returns, Fundamentals Stay Strong (JP Morgan)
- AmCham China: 60% of Foreign Companies Feel Unfairly Targeted
- China: Innovation Superpower (Wellington Management)