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It’s a tough time to be invested in emerging markets, and headline-grabbing developments such as a corruption scandal in Brazil, the oil-induced recession in Russia and China’s roller-coaster equity market, don’t make it any easier.

Nobody has forgotten about the attractive growth opportunities on offer, but the appetite for exposure to developing economies is unlikely to improve until the global market shows sustainable signs of improvement.

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Emerging-market stocks are down almost 20 per cent in the past three months alone, but there appears to be one bright spot: India.

“Everybody is obsessed about China, but we’re very interested in India, and have been for a while,” said Laurence Bensafi, deputy head of emerging markets equities at RBC Global Asset Management. “It’s pretty much the only good story around, even though it is going to take a bit more time.”

India’s stocks rallied last year on Narendra Modi’s national election victory, but have since sold off as investors haven’t seen the changes they were counting on. But, as Bensafi points out, India’s huge size means growth projects don’t surface overnight.