As we opined in our Emerging Markets Quarterly, 18 June 2013, EM has entered a transition period to an environment of less ample global liquidity, with recent Fed comments and the tightening of liquidity in China adding to concerns that this transition may be more disruptive than anticipated. We think that if and when immediate concerns about redemptions fade, the stage will have been set for a more value-driven market, creating opportunities to exploit fundamental dislocations.
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Barclays