January performance and valuation of Emerging Markets

Russia is, effectively for foreigners, down 100%. Lebanon, Sri Lanka, Zimbabwe and locally-listed Argentina, Nigeria are effectively off limits for fresh foreign capital because of FX restrictions. Bangladesh has floor price limits in place.

Blank indicates data not applicable (eg loss-making in case of missing PE, absence of 5-year history in case of Small EM-FM Tech, frozen overseas listings in the case of Russia Apps). *Denotes local index, else MSCI. **Denotes customised index (weighted average of largest stocks in each category).
Chart: Hasnain Malik Source: Bloomberg (30 Jan 2023), Tellimer Research Get the data