VWO - The Decade In Emerging Markets Opportunities Beyond China

• Swelling twin deficits (Budget and Trade) underpin a likely secular decline in the U.S. dollar. Citigroup recently cited a potential 20% fall in the dollar based on vaccine penetration.
• China represents 44% of VWO, while contributing 19% to global GDP. In contrast, emerging markets ex-China contribute over double, or 39%, to global GDP, yet are underrepresented in VWO.
• Blue Wave further supports the global reflation theme where larger swaths of emerging countries reliant on commodity exports or manufacturing stand to benefit.
• With most investor portfolios highly overweight U.S. equities, I’ll design a core-satellite framework within emerging markets that will help capture a greater slice of key trends in global markets.

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