Emerging markets (EM) have become caught in a tug of war. On the one hand, improving vaccination rates, rising commodity prices and improving economic growth have driven a recovery in developing market assets. For the EM specialist asset manager Ashmore, that has translated into a strengthening recovery in investment performance and flows into its funds.
Assets under management rose by 5 per cent to $94.4 billion during the fourth quarter — ahead of analyst consensus and at the highest point since 2019. Taking advantage of depressed valuations fed through to those investment gains. Inflows were also positive on a net basis for the second consecutive quarter.
But if the market more broadly has shifted towards a more risk-off approach, investors have not become any
