Non-U.S. equities have underperformed their domestic counterparts for over a decade. Unsurprisingly, this has led investors to overweight the U.S. in their portfolios. At Thornburg, we believe opportunities still exist if you’re willing to separate fact from sentiment.
Turkish asset prices have plummeted this year, bringing their valuations to historically low levels. That presents potentially attractive opportunities to investors looking for quality stocks at bargain-basement prices. Yet some selloffs don’t necessarily end with stocks and bonds at oversold levels if their prices largely reflect current or near-term risks, both company specific and macroeconomic.
Beijing’s push to forge a balance between domestic steel supply and demand bodes well for pricing on potentially undervalued steel stocks.
What’s driving developing country stocks? What’s needed to support their current valuation multiples?
