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We are pleased to share the tenth edition of our annual RBC Emerging Markets Equity Outlook.

Over the years we have used this report as an opportunity to reflect on key developments across emerging markets (EM) and, more importantly, to set out our thinking for the environment ahead. We have found that focusing on the extremes makes most sense in terms of macro strategy, valuations and earnings, as it can often be a powerful indicator of future performance.

In this year’s report, we cover a broad range of topics from valuations and earnings, to EM growth, currencies and inflation. We also address EM countries, focusing on those markets where we have identified extremes.

In addition, this year’s report includes:

  • An investor Q&A. Throughout the year, we receive and respond to insightful questions from our clients. For the first time, this report includes a Questions & Answers section covering the most frequently asked questions.
  • Case studies of countries where we are seeing notable developments in the area of reform. Reforms continue to be a key long-term driver of growth and differentiation among EM countries and it is our view that reforms that specifically relate to ESG and sustainability will become increasingly important going forward.
  • A summary of our portfolio themes and developments. Long-term themes have always been a key driver of our top-down positioning. This year we conducted a formal review of the ways to play our themes and made some adjustments. Some of the changes are a result of the long-term implications we expect from the COVID-19 pandemic. Others reflect developments in the industry and society.
  • A deep dive into investment styles. After several years of strong growth outperformance, this year we saw value and small cap make a comeback. We share our case for EM small caps, which we have found to exhibit some particularly attractive properties such as lower volatility, stronger growth and greater domestic focus than their large cap counterparts.

We hope you enjoy our insights and we look forward to the year ahead.

For the full RBC Emerging Markets Outlook, please contact: institutions@phn.com.

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RBC GAM is the asset management division of Royal Bank of Canada (“RBC”) which includes RBC Global Asset Management Inc., RBC Global Asset Management (U.S.) Inc., RBC Global Asset Management (UK) Limited, RBC Global Asset Management (Asia) Limited, and BlueBay Asset Management LLP, which are separate, but affiliated subsidiaries of RBC.

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