Emerging market equities have not consistently outperformed equities in developed markets, according to a new study by Cambridge University’s Judge Business School.
The paper, entitled The Truth about Investing in Emerging Markets, looked at the frequency of emerging market equities’ outperformance over three-year, five-year and 10-year periods from 1988 on both a total return and a risk-adjusted basis, taking the MSCI Emerging Total Return Gross Index and the MSCI World Total Return Gross Index.
The findings showed that while over three and five years emerging market equities were slightly more likely to beat developed market shares, over 10-year periods this was true only 27 per cent of the time.
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