Early in 2022, many investors expected emerging-market (EM) equities to outperform, aided by a recovery in China. Headwinds from policy interventions to support China’s “Common Prosperity” goals were expected to fade and give way to stimulus, while developed economies would be withdrawing fiscal and monetary policy support. China was expected to continue its zero-COVID policies, but case numbers generally seemed under control—with fewer lockdowns. Equity valuations were generally attractive, especially in the wake of Common Prosperity actions that impacted broad swaths of the economy—including technology, education ... (full story)