The outlook for Emerging Markets (EM) going into 2014 is dramatically better than at the start of 2013. Better fundamentals, stronger technicals and attractive valuations after a sharp technical sell-off in 2013 will lure investors. Tapering also poses less risk now, while many EM countries are now taking reforms very seriously. The way to approach this opportunity is through active management, because credit stories and elections feature prominently in the 2014 outlook.
进入2014年，新兴市场的前景明显好于2013年初。基本面更好，技术面更强，新兴市场资产在2013年遭大举技术性抛售之后，估值更具吸引力，这一切都吸引投资者进入。目前，美联储(Fed)缩减量化宽松(QE)带来的风险也有所降低，而新兴市场国家现在正认真对待改革。投资者需要通过积极管理才能抓住这一机会，因为展望2014年，新兴市场国家的信贷和选举是最突出的主题。
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