Emerging market equity primarily consists of companies from China, India, and Taiwan. Using the MSCI Emerging Markets Index as a proxy, the 3 countries account for over 60% of the asset class. Post COVID, emerging markets have greatly underperformed the US stock market – this is primarily due to the bear market in China equity. However, the bear market in China is not spilling over to its neighboring market, India. The India stock market (priced in USD) continues to reach new highs on both an absolute basis and relative to US stocks.
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