46 days ago • Posted by Charles-Henry Monchau

Emerging Markets are not the same than before. Cyclicals and commodities are near record lows in terms of index weights.

On one hand, that means that EM indices are not benefiting from the reflation trade as they would have been in the past. On the other hand, that leaves a lot of room for a weak-USD reflation trade @BofA 

Historical weightings within MSCI Emerging Markets index