Text size About the author: Ali Hussain is head of research at FIM Partners, an asset manager focused on frontier and emerging markets. Emerging market equities have failed to meet investor expectations during the past decade after delivering annualized returns of 16.8% in the “golden era” of 2003-2012. Consensus is banking on U.S. dollar strength waning or a shift in U.S. Federal Reserve policy to reverse the fortunes of EM equities. We believe investors would be better served to shift their thinking to a new set of emerging market economies. The EM golden era was the confluence of perfectly timed...