Allan Conway on BRIC Schroder
The rally that we have had so far this year has been extraordinary. But we should remember that we have seen the rally from really oversold levels and whilst we can see many emerging markets are up 50-60% so far this year, many of them are still down 10-15% or more if one looks at the last 12 months. So we were oversold and have had an extraordinary bounceback. But where we are today is still a situation where generally speaking valuations are quite reasonable. We are just starting to finally see visibility of global economic recovery. And as that visibility increases we expect to see equity markets moving into a more sustainable bull market rally. So, whilst in the very near term, it is perfectly possible that we could see some further setback, as we move into the fourth quarter, we expect to see markets come through pretty strongly.
Full article and interview here.
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