Lazard's global income manager backs EMs to spur divi growth

Lazard Global Equity Income manager Pat Ryan has been buying EM stocks on valuation grounds as the region continues to underperform global indices.

Over 20% of Ryan's portfolio was held in emerging market stocks as of the end of January, more than double the EM weighting in the fund's MSCI All Country World Index benchmark. Having had a zero weighting to the three regions 3-4 years ago, Ryan holds over 10% of the portfolio in Brazilian, Chinese and Russian stocks, and likes emerging market financials in particular. Emerging market stocks - those in the BRIC nations in particular - have suffered over the past year, and in 2014 in particular. The MSCI BRIC Index, for example, has fallen 16.5% over the 12 months  to 14 March, and 11...