Where will the best returns be found in 2014?

James Klempster manager, Momentum Global Investment Management   EM Debt and equity After a bumper 2013, today emerging markets - both equity and debt - look attractive. These assets are not without their risks, but the valuation today is such that small selective positions are worth considering. Global equity is unlikely to repeat its blockbuster year in 2014, but it could still surprise on the upside. Global equity is not expensive today, but nor is it particularly cheap, so a moderate allocation to equity makes sense. Some parts of the global equity market are now unattracti...