文档介绍：Emerging Markets Equity Research
27 November 2007
Consensus Asset Allocation
Emerging Markets Equity Strategy Click here
• In this report we analyse the end of October 2007 fund survey of Emerging Markets Equity
key global emerging market managers. The reduction in the Strategy
relative fund weight in China was notable. Relative fund weights Adrian MowatAC
rose in Brazil and India. (852) 2800-8599
@
• LatAm remains the consensus overweight, led by Brazil, within Deanne Gordon
emerging markets. Investors are increasingly underweight Asia (27-21) 712-0875
(China and Korea underweights increasing) and ing more @
positive EMEA (investors adding to Russia). Ben Laidler
(56-2) 425 5407
• For larger markets the consensus overweight markets are: @
Peter Westin
o Brazil and Malaysia (7-495) 967-1771
@
• And the consensus underweight markets are: Rohan Ghalla
(91-22) 6719-8289
o China, Taiwan, Korea, Israel and South Africa @
• Cash positions are marginally above the 12-month moving Figure 1: Emerging Equity Markets
average. relative to the US and World
140
•.Emerging fund flows:
120 vs World
o 2006 CY: Net inflows US$ billion 100
o 2007 YTD: Net inflows US$ billion 80
60
Table 1: Summary of an market mendations 40 vs USA
Overweight Markets Underweight Markets
China Korea
20
Brazil Taiwan
Malaysia Turkey 97 99 01 03 05 07
South Africa Hungary
Source: MSCI, Datastream.
Thailand Czech Republic
The Philippines
Source: an
.P. Morgan Securities (Asia Pacific) Limited
. Morgan Equities Ltd.
See page 7 for analyst certification and important disclosures, including investment banking relationships.
an does and seeks to do business panies covered in its research reports. As a result, investors should be aware that the firm
may have a conflict of interest that could affect the objectivity of