LDEM - 'FOMO' And The (Extremely) High Price Of Certainty

• Emerging market growth stocks have had an unprecedented run versus value over the past decade.
• COVID-19 has essentially amplified trends that were already underway in EM and accelerated the prospects of e-commerce, fintech, food delivery, ride-hailing, gaming, cloud, and other similar digitally driven companies.
• Nuanced value investing, in our view, is able to look beyond pandemic economic shock to companies and countries that are well-placed for rapid recovery, and to industries where consolidation may result in improved pricing, margins, and returns.

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