Investors are ‘extraordinarily complacent’ about the macro risks currently facing emerging markets, but idiosyncratic investment opportunities still abound, says Andrew Swan, manager of the Man GLG Asia (ex Japan) Equity strategy.

Swan, whose strategy launched in October 2020, says investors are failing to grasp the potential for falls across emerging markets in an environment where growth is slowing and central banks in developed economies are beginning tightening cycles amid surging inflation.
  
Swan says investment opportunities can still be found in those parts of EMs beginning to recover from Covid disruption, like Southeast Asia and India. But he says opportunities can also still be found in China, where some state-promoted industries are thriving.