Emerging market equities are on course to underperform developed market equities for the second year in a row. We think this pattern is likely to continue through the end of 2013 even as the Fed unleashes a third round of quantitative easing (QE3). The triggers for such a development are likely to be the ongoing crisis in the euro-zone and weaker economic growth in the major emerging market economies. We think emerging market equities will only start to outperform in 2014.
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