They added more than they have at any time in the past 10 weeks, says Bank of America. This continues a trend that started in late 2020.It’s the latter, says Neal Dihora, who helps manage the Wasatch Emerging Markets Select Investor Fund WAESX, -1.41% alongside lead manager Ajay Krishnan, who has been at the helm for over nine years.
EM will benefit from mega trends Dihora cites five so-called mega trends: population growth; “financialization,” or the greater use of consumer credit; digitalization, meaning greater use of the internet for things like shopping and banking; and industrialization. The bottom line: While the iShares MSCI Emerging Markets ex-China ETF EMXC, -0.11% has beaten the S&P 500 SPX, -0.02% by about a percentage point year to date, this may be the start of a medium-term trend of outperformance.
Consider MercadoLibre MELI, +0.91%, a kind of Latin American Amazon.com AMZN, +0.71%. The popular online retailer had 82.2 million users at the end of last year, in a region with over 650 million people. That’s a big potential market. For example, by the end last year, the company had 12 customers spending more than $20 million a year, up from seven the year before. And it had 185 customers spending more than $1 million, up from 129 a year ago.
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