For investors with a long-term horizon, large-cap multinationals leveraged to the growth of developing nations are an ideal way to gain emerging market exposure.
And now is the time to take the plunge, notwithstanding the blaring narrative about a peak in global growth, sovereign debt risks in Europe, fiscal consolidation in the developing nations, and the “unusually uncertain” outlook for the US economy.
These factors are worrisome. But the offset to the above are the developing nations' massive foreign exchange reserves, which totalled roughly $6,600bn in the first quarter of this year.
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