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Slim chance of another 2000s-style boom in EM equities

We think that a period of sustained outperformance from emerging market equities relative to those in developed markets – like that which accompanied the last big bull run in commodities in the 2000s – is unlikely. That partly reflects our view that commodity prices will drop back from here, but also how that period saw a raft of structural changes in major EMs that we suspect were one-offs.

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