Troy's Yeowart: Why my emerging market optimism is 'tempered'

Rising debt levels

Having performed well in 2016, emerging market (EMs) equities have continued to deliver impressive results so far this year.

Improving global economic growth, as well as a weak US dollar, have provided a supportive backdrop. In many respects, investor enthusiasm is warranted. Following a prolonged downturn, EM equities offer a richer hunting ground than most developed markets for investors seeking value.  Moreover, many EM countries are in far more robust shape than they were a few years ago. Countries such as India and Indonesia have narrowed their current account deficits since the taper tantrum of 2013, enacting reforms that should underpin future economic growth.  The ease of doing business in Ind...