As a result, ZAR remains one of our least favourite currencies in the
EM space.
We still think that in relative terms investing in DM risky assets - US and Japan - is a safer proposition than catching a falling knife in the
EM space.
Among the key decliners were Russia, the Philippines and China, while Turkey was the best performer in the
EM space for the second day in a row.
So emerging markets (EM) surged from September 2012 until May 2013 on the mistaken belief that US dollars would continue to flood into the
EM space.
7% in dollar terms), making it the bestperforming country in the
EM space.
That said, Russia currently offers one of the highest dividend yields in the
EM space.
Russia was one of the worst performers in the
EM space.