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Alternative Market Briefing

The Big Picture: Most emerging markets are on the path to normalcy, albeit on slightly shaky ground

Thursday, May 20, 2021

amb
Charlie Wilson
B. G., Opalesque Geneva:

Charlie Wilson, portfolio manager at Thornburg Investment Management, is optimistic about emerging markets. He co-manages the Thornburg Developing World Fund, which invests at least 80% of its assets in equity securities and debt obligations of developing country issuers. He shares his rationale here.

Opalesque: How are emerging markets navigating the current environment?

Charlie Wilson: Our view on how emerging markets (EM) are navigating the current environment has remained largely the same since last year. Some countries have effectively steered through the Covid-19 pandemic period and have been able to suppress the virus and return to normal. Proof of that is reflected in stock prices and valuations, especially in China, South Korea, and Taiwan.

Other parts of EM, such as India, have struggled due to spikes in virus contaminations. Compounding that, insufficient hospital bed capacity and difficulty obtaining supplemental oxygen supplies both paint a devastating picture of the human toll of the crisis. India and other areas have little choice apart from another aggressive round of nationwide lockdowns, though it's likely not without some hesitation. Previous lockdowns were cr......................

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