jackartistry

jackartistry

US markets roaring along with the value rotation well underway since November. This coincides with a move into emerging markets with a weaker US dollar. China is the key constituent within emerging markets and also one of the best performers during COVID still delivering solid GDP growth with continued expectations above 6%. HSCEI is a value heavy index...

jackartistry Updated 

Backdrop: Huge developed market outperformance in 2019, looking for a rotation into emerging markets set up. Macro stable with trade war issues out the window given presidential election year. China (ie HSCEI as a proxy) is the largest constituent in emerging markets indices. Valuation: HSCEI 12m forward PE (souce: FactSet) is at 9.9; looks like only Russia,...