We discussed the need to look beneath the surface of the market in our Weekly Townhall and I mentioned it again on the Townhall Takeaway Livestream. This chart for the weekend hits that point one more time. When we look across the global market composites, Emerging Markets have experienced the largest drawdown from their 52-week high. When we look beneath the surface of the indexes, the median emerging market has had a smaller drawdown than the median Developed Market or the median Frontier Market. When we look at it from a country-level perspective, trends in Emerging Markets vs Developed Markets are stronger than they’ve been at any point in the past decade. That isn’t reflected in the indexes yet, but it may just be a matter of time until we see that transition. Speaking of transitions, while this chart is still looking at the distance below 52-week highs, we are starting to find ourselves thinking more about where things are relative to their 52-week lows.
