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EM equities may soon start outperforming again

Although equities have fallen back a bit over the past couple of days, April was one of the best months in years, if not decades, for many stock markets. One feature of the rally has been the underperformance of equities in emerging markets relative to those in developed markets. But there are three key reasons why we doubt that EM equities, particularly those in Latin America and EMEA, will continue to underperform.

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