Following up from today Steen's Chronicle: http://www.tradingfloor.com/posts/fear-perfection-ll-never-reach-153674370 with commentary on among other things: Emerging markets return profile.
My friend Jeppe Ladekarl and his colleague Edgar Peters have done an excellent paper on the data – the conclusion still stands – depending on the asset class the return is mostly FX revaluations: In ELMI it's close to 100% and in MSCI its near 70% -
Conclusion world is full of smart managers on equity and fixed income, but their return is mainly in a class they don't cover, hedge, or even have a view on: Foreign exchange. Getting to understand why Fragile Five, BRIC and Latam currencies will have an impact?
http://www.firstquadrant.com/downloads/2013_Fall_JOI_FirstQuadrant.pdf
Med venlig hilsen | Best regards
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