The Catching Up of Asset Classes and Stock Markets

We have some asset classes that have been lagging compared to the other markets. We think there's still a long way to go, but we see great potential in emerging market sovereign bonds and Chinese equities. The first obvious reason is because the starting yield is high, often way over 6%, and that is a very attractive yield in the fixed income universe today. Now, as you've mentioned, we expect Chinese authorities, both central bank and the government, to continue to stimulate the economy. This should be a following wind eventually for Chinese assets,. In particular, Chinese shares, which, at the moment, having underperformed in 2021 and 22, are still very cheap today. So a