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Ahead of the Game

Column chart comparing downward revisions between emerging markets and developed markets. Chart subtitle: Emerging markets saw downward revisions earlier than developed markets, potentially setting the asset class up for relative strength from here. Chart visual description: Data is monthly and as of December 31, 2022. Y-axis is labeled “EM – DM” and ranges from -40% to +30%. X-axis is labeled yearly, from 2002 to 2022. Columns above the x-axis on the chart represent EM greater revisions and are in purple; columns below x-axis represent DM greater revisions and are in tan. Chart data description: For time periods shown, DM category has historically experienced greater revisions more often; EM only charted during short periods in 2003, the majority of 2007-2009, a blip in 2019, and 1H2020. Chart source: MFS Institutional Advisors, FactSet as of December 31, 2022. Earnings revisions ratio = upward revisions – downward revisions (CY1, based on mean broker estimates) divided by total measured with a three-month rolling window for MSCI Emerging Markets companies and MSCI World companies. End chart description. See disclosures at end of document.
Posted on February 2, 2023February 2, 2023 Full size 1911 × 1033

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