LDEM - Expectations Of Economic Normalization In 2021 Drove Confidence In Emerging Markets In The Final Quarter Of 2020

• We continue to see the emergence of high-quality companies that are well-placed to benefit from ongoing market consolidation and booming domestic consumption.
• In India, although the disruption of traditional business models has weighed on some companies, we expect to see a positive impact on Indian technology service providers.
• Credit penetration in Brazil is far below many other markets, signaling room to head higher in the coming years; we think this supports prospects for the financials sector.

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