The outlook for Emerging Markets (EM) going into 2014 is dramatically better than at the start of 2013. Better fundamentals, stronger technicals and attractive valuations after a sharp technical sell-off in 2013 will lure investors. Tapering also poses less risk now, while many EM countries are now taking reforms very seriously. The way to approach this opportunity is through active management, because credit stories and elections feature prominently in the 2014 outlook.
進入2014年,新興市場的前景明顯好於2013年初。基本面更好,技術面更強,新興市場資產在2013年遭大舉技術性拋售之後,估值更具吸引力,這一切都吸引投資者進入。目前,美聯準(Fed)縮減量化寬鬆(QE)帶來的風險也有所降低,而新興市場國家現在正認真對待改革。投資者需要通過積極管理才能抓住這一機會,因爲展望2014年,新興市場國家的信貸和選舉是最突出的主題。