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Emerging-Market Small Caps: A Distinct Growth Opportunity
Among frontier countries in Eastern Europe, we view Romania as the most attractive market. There are bargains from a valuation standpoint, and good prospects for further initial public offerings of state-owned enterprises (SOEs) as well as private companies.
In such a low-growth world, investing in smaller EM companies may provide exposure to many of the fastest-growing companies in the fastest-growing countries globally.
There is certainly a risk that Brazil’s political challenges could be prolonged, but the last few months have shown us that there appears to be tremendous support in Brazil’s Congress and among its population in general for a new kind of agenda, one that not only modernizes the state but also modernizes the economy.
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