Emerging-market rally is just the beginning, top investors say

Developing-nation stocks have jumped 28 per cent this year, poised for the best annual gain since 2009, as they approach all-time highs

The two-year rally across emerging-market (EM) assets is just the beginning, according to some of the world’s largest investors.
 
Money managers at shops from Franklin Templeton to BlackRock are betting that developing-nation stocks and bonds will continue to appreciate in the months and years ahead, as they catch up from more than half-a-decade of underperforming US assets.
 
The bullish calls come amid lofty asset prices globally and growing concern that they aren’t sustainable, especially as US central bankers pare the stimulus that helped fuel gains. Even in this context, emerging markets will benefit from stable commodity prices, improving