INDF - Factors Sectors Countries: Opportunities In Emerging Markets

• As we entered 2022, many emerging markets were already hurting due to higher commodity prices and rising interest rates; then a war in eastern Europe sent shock waves through the markets.
• The conflict in Ukraine likely bodes poorly for Eastern Europe more broadly, expanding beyond Russia to Hungary, Poland, and other countries in the region.
• Valuations in emerging markets are roughly in line with their long-term average, with an average forward-looking price-to-earnings ratio of about 12x.

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