Bank of America’s Michael Hartnett calls them “the next bull market.” AQR predicts they’ll deliver local-currency returns of almost 6% annually in the coming five to 10 years, outpacing a 4% gain for US shares in dollars.
Wall Street’s emerging-market faithful are finally seeing better returns after missing out for years as US stocks soared.
Morgan Stanley Investment Management, AQR Capital Management, Bank of America Corp and Franklin Templeton are among those betting the tables may finally be turning in favour of developing-market equities.
