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Traditionally investors have segmented the world into developed and emerging economies, whereas we look at creditors vs debtors. Many so called “developed” countries have amassed substantial debts and are in fact much riskier than is often perceived. Conversely, many countries classified as “emerging” have strong fundamentals, low levels of government debt, high credit quality and incomes well above those of many “developed” countries.
Net Foreign Asset (NFA) analysis is a key driver of country and currency returns.