- Heading into 2022, the macro backdrop for risk-assets was already facing challenges from the expected slowdown in global growth, due to the resurgence of the Omicron variant and persistent inflationary dynamics.
- In the first quarter of 2022, Russia’s full-scale invasion of Ukraine put further pressure on risk assets as well as inflation dynamics.
- For EM investors, Q1 2022 was an even more challenging environment as they had to recognize the losses from exposures to Russia in their portfolios.
For further details see:
Emerging Markets Bond ETF: Q1 2022 Commentary