Ashmore Emerging Markets Strategy Phase 3
Historical valuations relative to Developed Markets
Local currency
Ashmore
External debt
Index: 72 countries, 172 issuers, 961 bonds
800
Index: 20 countries, 20 issuers, 293 bonds
8.00
EMBI GD spread over UST, bps
GBI-EM GD yield (%)
Difference: GBI-EM vs GBI global (%)
7.50
700
7.00
600
6.50
6.00
500
5.50
5.00
400
4.50
4.00
300
3.50
200
3.00
2011 2012 2013 2014 2015 2016 2017
2018
2019 2020 2021 2022
2010 2011 2012 2013 2014
2015 2016 2017 2018 2019
2020 2021 2022
700
Corporate debt
Index: 60 countries, 836 issuers, 2, 120 bonds
CEMBI BD spread over UST, bps
Equities
Index: 25 countries, 1420 issuers
110
5.0
100
600
MSCI EM vs World (Jan 2011=100, lhs)
EM vs DM growth premium (IMF, %, rhs)
4.5
4.0
90
3.5
500
400
80
3.0
2
2.5
70
2.0.
300
60
1.5
200
1.0
50
0.5
100
40
2011
2012
2013
2014
2015
0.0
2016
2017 2018
2019 2020
2021
2022
2011
2012
2013
2014 2015
2016
2017 2018 2019
2020
2021 2022
2023 2024
2025
25
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