Beware of emerging markets
Sunday 10 October 2004
Every 10 years or so emerging markets seem to flash on to local investors' radar screens, but if the 1.3 per cent per annum performance of the IFC index during the past 10 years is any guide, it is unlikely that too many locals have got rich through this asset class.
By The LandlordWhile today the sector's performance looks uninspiring, it hasn't always been so.
In the heady days of 1994, when two closed-end emerging markets specialist funds run by industry leader Templeton and British manager Foreign & Colonial listed on the NZ stock exchange, the IFC index boasted a return of 42 per cent in 12 months.
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