EM underperformance.

Captura de pantalla 2016 01 03 a las 16.10.43

EM Outlook 2016: Battle hardened or battle weary?

UBS | 2015 was likely to mark the fifth year of EM underperformance. The last time EM underperformed for as extended a spell as this was 1997-2001. And what a time to buy that was! Could 2016 provide a similar inflexion point? We would bet against it.