Emerging Markets – EM Local-Currency Debt: Yield Is King – July 29, 2021


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Emerging Markets – EM Local-Currency Debt: Yield Is King – July 29, 2021
 · Emerging Markets · 

The high-yielding segment of EM local currency bonds offers investors attractive absolute return and outperformance potential, even in the context of a rise in U.S. Treasury yields



 

Emerging Market Equities – EM Bank Earnings Turnaround Offers Key Support – July 15, 2021
 · Emerging Markets · Equities · 

EM earnings momentum is picking up, and broadening beyond the semiconductor sector.



 

Webinar – Long-Term Returns: A Challenging Road Ahead – (78min:38sec) – June 30, 2021
Webcasts, Webinars & Roundtables · 

Today’s Webinar features MRB’s Global Asset Allocation Strategist, Peter Perkins, discussing MRB’s long term returns framework.



 

Long-Term Returns – A Challenging Road Ahead – June 22, 2021
Absolute Return ·  · Asset Allocation · 

The poor starting point for equity, bond, credit, and commodity valuations points to subpar returns on balanced portfolios over the next decade, even as the global economy expands at a reasonable pace.



 

Emerging Markets Fixed Income – EM Debt Will Shine While The U.S. Dollar Softens – May 20, 2021
 · Emerging Markets · Fixed Income · 

Two key external drivers of EM bond returns will offer a constructive backdrop in the year ahead.



 

Emerging Markets Foreign Exchange – When Uncertain, Prioritize Growth – May 13, 2021
 · Emerging Markets · Foreign Exchange · 

The overarching driver of EM currencies is global trade, which offers a strongly positive backdrop and will likely propel appreciation versus a softening U.S. dollar.



 

Weekly Macro Strategy – A Durable Trend, Not A One-Off – April 30, 2021
 · Weekly Macro Strategy · 

Led by the U.S., the global economic recovery continues to strengthen on the back of increased vaccinations.



 

MRB TradeBook Update – April 30, 2021
Absolute Return · 

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Emerging Market Equities – When Global Trade Pops, EM Stocks Sizzle – April 29, 2021
 · Emerging Markets · Equities · 

Recent EM underperformance is mostly attributable to the renewed vigor of stocks in the U.S., along with some idiosyncratic risks that have impacted mega-cap Chinese stocks.



 

Brazil – Upside For Stocks, But… – April 22, 2021
 · Emerging Markets · Equities · 

In stark contrast with the grim headlines, Brazil’s 12-month forward earnings growth has been on a tear in recent months.



 

Emerging Markets Fixed Income – EM Debt To Outperform, Even With Rising Global Bond Yields – April 6, 2021
 · Emerging Markets · Fixed Income · 

Three months ago we warned of short-term headwinds to EMLCD returns, while remaining confident of their ability to outperform within a global fixed income portfolio on a 6-12 month view.



 

Roundtable – EM Investing: Different Regions, Different Assets – (68min:21sec) – March 25, 2021
Webcasts, Webinars & Roundtables · 

We are generally constructive about the prospects for emerging market outperformance in the year ahead. Equities should outperform their DM counterparts



 

Emerging Markets Foreign Exchange – Don’t Fear The Treasury Bear Market – March 23, 2021
 · Emerging Markets · Foreign Exchange · 

In the midst of a burst of synchronized global growth, financed by Uncle Sam’s mega-stimulus, EM currencies stand to ride higher on a tide of investor risk appetite.



 

Emerging Markets – BRL Bonds: No More Bad News Left To Discount – February 23, 2021
 · Emerging Markets · 

Brazilian assets have been severely punished in recent weeks as a series of negative developments, including last week’s government intervention in Petrobras



 

Webcast – Asian Outperformance Worsens EM’s Concentration Problem – (10min:08sec) – February 17, 2021
Webcasts, Webinars & Roundtables · 

In this week’s Webcast, MRB Strategist Mehran Nakhjavani discusses the appropriate positioning for emerging markets within a global equity portfolio



 

Emerging Market Equities – Asian Outperformance Will Drive EM To Irrelevance – February 11, 2021
 · Emerging Markets · Equities · 

“Be careful what you wish for” is the Aesop’s fable that applies to long-suffering EM equity investors, who have been waiting a decade for a sustained period of outperformance.



 

Emerging Market Equities – The Implications Of EM Stock Concentration – February 11, 2021
Emerging Markets · Equities · 

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Emerging Markets Fixed Income – EMLCD Will Outperform, Despite Near-Run Risks – January 14, 2021
 · Emerging Markets · 

This report focuses primarily on the two issues: the outlook for the EM local currency-denominated debt (EMLCD) asset class, and how investors should approach investment in Chinese government bonds.



 

Emerging Markets Foreign Exchange – EM Currencies Will Continue To Outperform In 2021 – December 15, 2020
 · Emerging Markets · Foreign Exchange · 

Growth in global trade and domestic demand will be far stronger in 2021 than it was in 2020, with much of the EM universe being the primary beneficiaries of this currency tailwind.



 

Webinar – The Great Equity & Currency Rotation – (89min:16sec) – November 18, 2020
Webcasts, Webinars & Roundtables · 

In this week’s special MRB Webinar, Phillip Colmar and Mehran Nakhjavani address the question of asset rotation and answer questions from clients.



 

Emerging Market Equities – 2021 Outlook: EM Growth Sizzles, Can Earnings Pop? – November 11, 2020
 · Emerging Markets · Equities · 

The outlook for EM equities in 2021 hinges on their relative earnings outlook, which in turn will be determined by the prospects for a broad-based and reasonably synchronized global economic recovery.



 

Emerging Markets Fixed Income – Despite Fiscal Risks, Yield And Cheap FX Will Drive Outperformance – October 20, 2020
 · Emerging Markets · Fixed Income · 

With the IMF, World Bank and others urging developed market (DM) governments to accelerate the pace of their fiscal response to the COVID-19 growth slowdown, some EM governments will likely follow suit.



 

Emerging Markets Foreign Exchange – Growth, Valuation And Capital Flows Underpin EM Currencies – October 14, 2020
 · Emerging Markets · Foreign Exchange · 

Growth is poorly distributed in the EM universe, as are attractive interest rates, with overlap hard to find.



 

Webcast – The Case For EM In A Global Equity Portfolio – (7min:46sec) – September 23, 2020
Webcasts, Webinars & Roundtables · 

In today’s Webcast Mehran Nakhjavani discusses the outlook for emerging markets in a global equity portfolio. 



 

Emerging Markets Equities – Still Searching For Positive Earnings Signals – September 15, 2020
 · Emerging Markets · Equities · 

Tuesday’s report maintained our neutral call on EM within a global equity portfolio even though we would be more inclined to upgrade our overall positioning on EM stocks than to downgrade it in the months ahead.



 

Absolute Return Strategy – The Opportunities Are In The Laggards – September 10, 2020
Absolute Return ·  · 

It has been a bumpy ride for investors over the past week as equities abruptly pulled back from overbought levels, before catching a bid yesterday.



 

Emerging Markets Fixed Income – Select High-Yield Plays Will Shine – August 25, 2020
 · Emerging Markets · Fixed Income · 

Local currency-denominated EM debt (EMLCD) offers attractive yields in a world where investors are challenged by generally richly-valued stocks and bonds, and low expected returns in the developed markets.



 

Emerging Markets – Liquidity Provides Latitude For Experimental Policies – August 21, 2020
Emerging Markets · 

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Emerging Markets Foreign Exchange – China, The Dollar And TINA – August 6, 2020
 · Emerging Markets · Foreign Exchange · 

Let not the best be the enemy of the good. Had Voltaire been an EM currency investor, he would take comfort from a “good enough”



 

Emerging Markets Equities – Buying Growth, Or A Bubble, In China – July 15, 2020
 · Emerging Markets · Equities · 

Investors in EM equities rarely face easy choices and the current circumstances offer a particularly challenging mix of risks and opportunities.