2022 was not a kind year for the broader emerging market complex. The iShares MSCI Emerging Markets ETF has dropped 22% year to date. That puts the fund on pace for its biggest one-year loss since 2008, when it tumbled 50%. Three key drivers of this underperformance were steep declines in economic activity in China due to the country's zero-Covid policy, a strong dollar and higher interest rates around the world.
" In the past year, the VanEck Vectors Semiconductor ETF has dropped more than 34%.However, MRB Partners' Nakhjavani thinks that the industry downturn could reach a bottom over the next two quarter, priming it for a strong second half of 2023. "That would help South Korea and Taiwan," he said. The iShares MSCI Taiwan ETF has fallen nearly 40% in 2022, while the EWY — which tracks the South Korean stock market — has shed 27%.
Not sustainable, therefore speculation in nature
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