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In this quarter’s edition:

Portfolio positioning highlights: An overview of our positioning in a selection of countries and currencies.

Topic of the quarter: Improving current accounts and their importance to emerging market investors

The familiar parallels drawn between the current economic situation of EMs and the ‘taper tantrum’ of 2013 are not entirely justified. In 2013, several years of strong capital flows, deteriorating current accounts and solid performance preceded the swift reversal in EM asset prices. The generally poor health of EM current accounts undoubtedly accelerated the downturn in EM currencies during the ‘taper tantrum’.

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