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Frontier Markets

The Emerging View

19 December 2013

Taking the long view Global Frontier Markets are about to register yet another strong annual performance since the launch of the MSCI Frontier Markets Index in 2003. Frontier Markets are up 24%, while Emerging Markets (EM) are down 4% this year according to the relevant MSCI index in USD terms. This strong performance, in what has been a challenging market environment for Emerging Markets equity investors, illustrates just how uncorrelated Frontier Markets are to herd-like market dynamics and the conventional drivers of global growth – whether in the local economy or in corporate profits. It is important to understand how these returns have been possible and, looking ahead, whether these are sustainable going forward. In our view, the answer is a resounding ’Yes’.

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