Emerging Market Opportunities Ex-China and India

With sentiment towards China remaining negative this year and the economy inevitably struggling as a result of the lockdown, we wrote to you in April about the opportunities we were seeing elsewhere.  Although the lockdown has been relaxed somewhat, sentiment towards China remains fragile for a number of reasons. However, the set of opportunities that we are finding outside China remain appealing. Following a recent trip to the country, we wrote last month about what we are finding attractive in India and thought it would be timely to follow this up with a brief insight into the other 30 per cent of our portfolio that also lies outside China.