Have emerging markets passed an inflection point?

As momentum in economies in the developed world has flagged, and as some deep-seated political tensions have surfaced, emerging markets (EM) are once again catching investor attention.

In a low-growth world, the potential for corporate earnings growth from EM-listed companies and the higher real yields available from select EM debt issuers seem increasingly difficult to ignore.       Although annualised returns from parts of the asset class were decidedly lacklustre between 2009 and 2015, there have been strong inflows from investors this year. Now EM currencies have rerated against the US dollar, EM debt has rallied amid the uncertainty following the UK's referendum vote to leave the European Union, and EM equities have risen. These shifts reflect a renewed appreci...