The flagship fund at Moscow-based Balchug Capital advanced 23% in 2020.
An insurrection in the home of American democracy still failed to derail the global bull market.
China may be moving from "emerging" to emerged.
Investors like BlackRock are increasingly seeing China stepping away from the rest of the developing world.
Emerging markets might get both a trade-friendly Joe Biden as president and a more accommodative Federal Reserve.
These managers usually focus on developing nations, but they have turned to U.S. Treasurys to preserve capital.
Negative-yielding bonds have started to grow rapidly from emerging market issuers.
Demand for local-currency bond ETFs is rising as local-bond curves steepen.
They saw new risks arising and weakening the chance of 2016- or 2009-style rebound.
Investors in Turkish hard-currency bonds lost almost 8 percent this year.