Caesar Maasry of Goldman Sachs said, "The sharp rally in EM assets since late January has driven a widespread debate among EM and DM investors about the sustainability of this significant rotation.""We acknowledge that there are few clear catalysts that could drive EM lower and that positioning still favours an extension of the EM rally; however, we find the move to be 'too fast, too furious' relative to fundamental 'deltas' and valuation triggers. Our preferred 'defensive' markets are India, Taiwan, Mexico and Korea," he added.
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