Speaking to International Adviser in South Africa recently, Parr said it was important for investors to recognise that emerging markets are a truly heterogeneous group of economies and to treat them as such.
“If you look at growth rates for emerging economies in the aggregate, they have been quite depressed, the ROEs lag those of developed markets. But if you look at those emerging market countries that focus on manufacturing, performance has been much better.
“Ex commodities, ex US dollar, we are envisaging forecasts of earnings growth of 10% which is quite attractive when you look at the valuations emerging markets are currently on,” he said.
