Several reasons explain this outperformance

It is now beyond dispute: the emerging better resisted the stock market turbulence of recent months. While large developed spaces were struggling to find a direction, the emerging, they continue their March forward: yesterday in middle of day, the MSCI Emerging Markets index was the highest since July 2008. Since the beginning of the year, he climbed to approximately 6.5 while at the same time, the MSCI World took that 1.25.

In two years, since the collapse of Lehman Brothers, emerging markets index jumped about 25, against a slight drop for the MSCI World. "The crisis of 2008 has redrawn the map of investment: before this period, emerging markets were perceived as much riskier than developed markets." They suffered much more and are more difficult to bounce back, says Xavier Hovasse, Carmignac management analyst. Economic growth is more important in the emerging while fears of overheating of these countries eased in recent months.

Investment flows are diverted from Western countries to the emerging. The entries in the dedicated funds exceeded 40 billion dollars since the beginning of the year, according to data from EPFR Global.

Some countries have more benefited from appetite of investors for the emerging Asia in head ( 7.3 since the beginning of the year). "This is that domestic growth is strongest, with an expected 38.5 increase in profits this year for a 13.5 price/earnings ratio", said David Gaud, Manager of Edmond de Rothschild Asset Management, based in Hong Kong. "Flow on several countries of South-East of intermediate size have made great progress in recent weeks", adds Martial Godet, emerging Manager at BNP Paribas IP.

MSCI Thailand rose by 35 in almost nine months, the Philippines by 32, the Indonesia of 29.8. Local signs cycled through the high points in the image of the SET (in Bangkok) to the highest since 1996, after the new bearing of the forecasts of the Government for 2010. Meanwhile, MSCI India took "only" 16.4, but the local index, the Sensex managed to cross the symbolic threshold of 20,000 points, for the first time in two and a half years last week.

The Palm is however to the Colombia with a gain of more than 42 in nine months. "Several reasons explain this outperformance." In particular, the June elections resulting in the Colombian currency appreciation and large flows of foreigners. "Finally, the movement is brought by pension funds local - limited their investments outside - holding 40 of floating of Colombian companies", resumed Xavier Hovasse.

Conversely, several other major countries so-called BRICS (Brazil, Russia, India, China) have been less well. The Brazil displays even a negative performance in almost nine months, with giant Petrobras capital lifted, which was completed just recently. Russia (-0,75), very dependent of the evolution of the oil, is also behind. Arguing for the delay of a few weight heavy (such as China, which took only 0.4), specialists remain confident about the potential of the emerging. "China may be the new engine of outperformance, with beautiful household stories", takes David Gaud. BNP Paribas IP table on a progression of the emerging 5 to 10 by the end of the year.