新兴市场资产大举吸金中！基金经理纷纷唱多：将跑赢发达市场

Core Viewpoint - Fund managers believe that emerging market assets will significantly outperform developed market assets due to various factors including monetary policy easing by the Federal Reserve and improved fiscal policies in emerging countries [1][3][4] Group 1: Market Performance - Since April 2, both MSCI Emerging Markets Index and its developed market counterpart have risen approximately 14%, driven by optimistic expectations regarding trade tensions [4] - Analysts predict that the MSCI Emerging Markets Stock Index will increase by about 15% over the next 12 months, compared to a 10% increase for developed markets [1][4] Group 2: Fund Flows - Following President Trump's announcement of the "liberation day" policy, approximately $5.8 billion flowed into the iShares Core MSCI Emerging Markets ETF, representing 5.8% of its total assets, while the Vanguard Dow Jones Developed Markets ETF received $5.6 billion, accounting for only 3.3% of its total holdings [3] Group 3: Monetary and Fiscal Policies - Emerging market stocks are expected to perform better due to the benefits from global monetary easing, which promotes domestic lending and consumption, alongside a weakening dollar [3] - Emerging market policymakers are perceived to be more cautious and market-constrained, avoiding unsustainable fiscal deficits common in developed markets [4] Group 4: Investment Outlook - T. Rowe Price indicates that stock valuations in emerging markets are more attractive, with optimistic earnings growth prospects compared to developed markets [4] - Emerging market bonds are viewed as appealing investments due to relatively low inflation rates, with the average Citi Inflation Surprise Index for emerging markets at -19, significantly down from over 40 in 2022 [7]