EM were stellar last year. Is it thanks to dollar or structural reforms? Does dollar weaken from here? Impact of Kevin Warsh?
Francine Lacqua
Luis Costa
70-75% of EM performance is dollar. We are not bailing out of EM. Dollar will tend to be more sticky compared to big dollar slide in Q3.
Luis Costa
Continue to like EM: there's growth, real yield, stable inflation, sustainable real yields.
Luis Costa
Favorite plays: BRL (Brazil), ZAR (South Africa given metal/mining bias), in Asia KRW & TWD vs THB.