IAFEI Quarterly - 33rd Issue

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Press, Journal Article
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recent gain in both the euro and oil prices should moderate growth in the second of the year, however, to
an annual rate of roughly 1.5%.”
Nikolaj Schmidt, Chief International Economist, on Brazil: “Brazil appears to have turned a corner.
Higher metals and oil prices have helped, but local asset markets caught fire as the country moved
toward removing President Dilma Rousseff and the Workers' Party from power. We expect the new
government to achieve significant steps toward structural reform, including progress in breaking the link
between pensions and the minimum wage, which has drained government finances.”
Gonzalo Pangaro, Portfolio Manager, Emerging Markets Stock Fund: “We continue to witness great
dispersion among advancing countries, which we have highlighted for some time. The dispersion of EM
fundamentals is as great today as it has been for over a decade. Reflecting this dispersion, valuation
levels are mixed. EM equities are trading at a significant discount to developed markets, creating pockets
of opportunity for us to identify quality businesses with reasonable valuations that offer an attractive
balance of compounding growth potential and improving returns.”
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