China verbraucht nicht nur Rohstoffe. Die wachsende Mittelschicht hat mit ihrer inzwischen enormen Kaufkraft dafür gesorgt, dass im Inland viele neue, für uns als Anleger sehr interessante Wirtschaftszweige entstanden sind - unter anderem Kosmetik, Kinos, Musik und vieles mehr.
Wir halten viele der Faktoren, die der jüngsten Volatilität auf Schwellenmärkten zugrunde liegen, für ihrem Wesen nach vorübergehend, noch verschärft durch die im Sommer wie üblich niedrigere Liquidität. Deshalb sehen wir Gründe für längerfristigen Optimismus.
Wie wir feststellen, sind Small Caps der Schwellenmärkte eine der am häufigsten missverstandenen und von Anlegern zu wenig genutzten Vermögensklassen. Oft werden sie als Bereich wahrgenommen, den man in unsicheren Zeiten besser vermeidet. Doch wir sehen das anders.
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