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1、December 2022Global Head of Investment ManagementStephanie G.Braming,CFA,PartnerPortfolio ManagersMarcelo Assalin,CFA,PartnerClifford Chi-wai Lau,CFAVivian Lin Thurston,CFA,PartnerTodd McClone,CFA,PartnerGlobal StrategistOlga Bitel,PartnerWhile high inflation,monetary policy tightening,and global re

2、cession risks could cloud the first quarter of 2023,we expect market conditions to improve in the second quarter as inflationary pressures dissipate,particularly in the United States.In this environment,emerging markets(EMs)could be a bright spot for investors.The bear market in EM equities is long

3、in the tooth in terms of time,price,and multiples,and EM debt appears attractively valued.On the following pages,our portfolio managers share their thoughts about what to expect in 2023.Emerging Markets:A Bright Spot for Investors?GLOBAL EQUITY/EMERGING MARKETS DEBT Investment Management 2|EMERGING

4、MARKETS:A BRIGHT SPOT FOR INVESTORS?Emerging Markets:A Bright Spot for Investors?We began 2022 with an increasing inflationary impulse and expectations of developed-market central-bank tightening,which cast a pall over risk assets.This chilling effect was amplified in February,when Russia invaded Uk

5、rainea move that had substantive implications for energy and food prices and security.These increased geopolitical tensions and persistently high inflation caused an abrupt shift in market leadership and were significant headwinds to economic growth and market performance overall.There was no place

6、to hide for investors,with risk assets down substantially in 2022.Even fixed income,which is meant to serve as ballast for portfolios amid uncertainty,was down.As of early December 2022,EM equities were down approximately 18%;EM local-currency bonds were down about 17%;developed-market equities were