Emerging Markets: Down, Not Out

After a spectacular year in 2017, emerging market equities have badly trailed their developed market counterparts in 2018. It has been a rough ride for investors who believe in the superior growth characteristics of emerging market economies, in particular Southeast Asia. But recent economic data has improved amid the downside pressures of a protracted trade war with the U.S., geopolitical unrest, and concerns about the sustainability of the China growth story.