Stat of the day – time to start building exposure in emerging markets?

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The following chart grabbed my attention today which shows the number of emerging market companies trading below replacement value (tangible book). At 34% it is the highest it has been since 2003 and in fact has taken out the figure seen at the lows of the financial crisis.

Here at Titan we wonder whether, given that PE’s are at the bottom end of their 20 year range, and that fund managers are en bloc the most underweight here for many a year, whether our recent nibbling of selected emerging markets will prove as prescient as this here –

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