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A structural growth story: EM overtakes S&P 500 in Tech!
The Emerging View
30 August 2016
• More than 50% of the MSCI EM equity index (MSCI EM) now consists of structural growth companies,
while the commodity share has fallen to just 14%.
• The tech share of MSCI EM is now higher than the tech share of the S&P 500.
• All other things being equal, the MSCI EM ought to trade at a premium to historical valuations and the
gap with developed market equities ought to be closing.