Note the 2013 leaders led in November – Japan, the U.S. and Germany. And the dogs remained dogs – Brazil and Russia.
Can you imagine a strategist just 18 months ago stating Japanese equities would outperform the BRICs by some 6,000 basis points? He/She would have been laughed off the Street!
We are watching to see if emerging markets rally in December as it may reflect early positioning for a 2014 comeback rally. Stay tuned.
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