Most attempts to define emerging markets start from a macroeconomic perspective, but the results often bear little relationship to the reality of equity investing.
As equity specialists we place the interests of the minority investor firmly at the centre of our approach. We conclude that the distinction between emerging and developed markets is no longer useful for investors, and should be replaced by a more intense focus on individual countries, using the categorisation of ‘Governance Regimes’ as a starting point for analysis.
The three major intellectual underpinnings of emerging equity markets as a distinct and coherent asset class have come apart since the 2008/09 financial crisis.
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