{"id":598835,"date":"2019-06-10T04:00:06","date_gmt":"2019-06-10T04:00:06","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/10\/the-thin-grey-line-between-frontier-markets-and-emerging-markets\/"},"modified":"2019-06-10T04:00:06","modified_gmt":"2019-06-10T04:00:06","slug":"the-thin-grey-line-between-frontier-markets-and-emerging-markets","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/10\/the-thin-grey-line-between-frontier-markets-and-emerging-markets\/","title":{"rendered":"The thin grey line between frontier markets and emerging markets"},"content":{"rendered":"

<\/a> EXPLAINER FOR NON-FINANCE GEEKS- The thin grey line between frontier and emerging markets:<\/b> In a recent explainer on frontier markets, Bloomberg makes a point<\/a> of calling them the \u201csmaller siblings\u201d of emerging markets, a very popular \u2014 albeit simplistic \u2014 comparison. The reality is a little more nuanced considering the lines between the two are much more blurred as far as asset managers are concerned \u2014 particularly when you subtract the big economies from the list of emerging markets. We feel it is worth diving into these nuances at a time when frontier markets are increasingly being hailed as potential alternatives to emerging markets amid turbulence sparked by the ongoing US-China trade war \u2014 the theory being that frontier markets and smaller EM are less susceptible to being hit by fallout from the trade fight.<\/p>\n

What\u2019s the difference between FM and EM?<\/b> Let\u2019s start with the basic criteria. MSCI defines (pdf)<\/a> frontier markets based on several criteria, including having \u201cat least some\u201d openness to foreign ownership, \u201cat least partial\u201d easing of capital flows, at least two companies worth USD 800 mn each, and a high degree of competition. On the flipside, an EM\u2019s openness to foreign ownership needs to be \u201csignificant\u201d, with a significant ease of capital flows and a high competitive landscape. An EM needs to have at least three companies with a market cap of around USD 1.6 bn.<\/p>\n

Egypt is an emerging market on the \u201cleading\u201d benchmark: <\/b>Some 29 countries are currently classified asfrontier markets by the benchmark MSCI (pdf)<\/a> with stocks with a combined market value of USD 715 bn, compared to the now 26 MSCI EM stocks (pdf)<\/a> which are valued at around USD 20 tn.<\/p>\n

But this isn\u2019t an exact science: <\/b>MSCI is just one arbiter of what constitutes a frontier or emerging markets. The IMF classifies 23 countries<\/a> as emerging markets, Dow Jones classifies 22 countries, and FTSE Russell<\/a> only classifies 19. Only Brazil, Chile, China, Colombia, Hungary, Indonesia, India, Malaysia, Mexico, Peru, Philippines, Russia, South Africa, Thailand and Turkey are classified by all three as emerging markets. Notice how Egypt is not on the list?<\/p>\n

How does this grey area affect us?<\/b> This variance in classification has allowed some asset managers to consider some EMs to be interchangeable with FMs, with Egypt being a prime example. This basically pits EMs that are not BRICs (Brazil, Russia, India,and China) against frontier markets in the fight for global capital.<\/p>\n

According to the MSCI, FMs have been outperforming EMs this year<\/b>, with the former seeingreturns of 9.6% YtD (pdf)<\/a>, compared with returns of 4.1% YtD for EMs (pdf)<\/a>. Some investors are concluding<\/a> that, given the impact of the EM Zombie Apocalypse last year and the effects<\/a> of recent global market volatility, now is the time to cast the net further afield. This gets more bleak for EMs when we see returns beyond the BRICs, which were a measly 1.6% YtD (pdf)<\/a>.<\/p>\n

What does the future hold for the EM vs FM rivalry? <\/b>Several countries currently classified as EMs have been identified<\/a> as likely to number the world\u2019s strongest economies by 2030, including Egypt. Likewise, the frontier market class is shrinking, as an increasing number graduate to EM status. Argentina is due to be promoted to an EM this month, and Kuwait (which currently accounts for a quarter of the MSCI Frontier Markets Index) may be promoted in June. Saudi Arabia skipped the FM index altogether<\/b> and was promoted directly to EM status in May. In the short-term, this is causing aggregate FM value to decrease. Furthermore, as the asset class shrinks, investments are likely to move towards EMs.<\/p>\n","protected":false},"excerpt":{"rendered":"

EXPLAINER FOR NON-FINANCE GEEKS- The thin grey line between frontier and emerging markets: In a recent explainer on frontier markets, Bloomberg makes a point of calling them the \u201csmaller siblings\u201d of emerging markets, a very popular \u2014 albeit simplistic \u2014 comparison. The reality is a little more nuanced considering the lines between the two are […]<\/p>\n","protected":false},"author":1,"featured_media":598836,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9272],"tags":[102,115,72,3664,125,1510],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-598835","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-macro-picture","tag-capital-markets","tag-emerging-markets","tag-enterpriseam","tag-frontier-markets","tag-investment-watch","tag-the-macro-picture","wpautop","entry"],"acf":{"mongo_id":"9a1ca74a-b7ef-4023-a99a-148e378d2a5a","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2019\/6\/2130.png","photo_position":"above","related_issue":[598820],"teaser":"","voice_url":""},"yoast_head":"\nThe thin grey line between frontier markets and emerging markets - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/10\/the-thin-grey-line-between-frontier-markets-and-emerging-markets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The thin grey line between frontier markets and emerging markets\" \/>\n<meta property=\"og:description\" content=\"EXPLAINER FOR NON-FINANCE GEEKS- The thin grey line between frontier and emerging markets: In a recent explainer on frontier markets, Bloomberg makes a point of calling them the \u201csmaller siblings\u201d of emerging markets, a very popular \u2014 albeit simplistic \u2014 comparison. 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EFG\u2019s price-earnings ratio for Egypt this\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/6\/15.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598886,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/11\/etfs-a-magnet-for-em-investors-but-not-all-markets-are-equal\/","url_meta":{"origin":598835,"position":3},"title":"ETFs a magnet for EM investors \u2014 but not all markets are equal","author":"enterpriseam admin","date":"11 June 2019","format":false,"excerpt":"EM ETFs attract USD 84 bn in inflows in 16 months \u2014 but not all markets are equal: ETFs that specialize in emerging markets drew some USD 84 bn in the 16 months leading up to mid-April. But statistics from financial data provider EPFR show that 80% of inflows went\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/6\/1232.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566042,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/24\/emerging-markets-are-awash-with-esg-investors\/","url_meta":{"origin":598835,"position":4},"title":"Emerging markets are awash with ESG investors","author":"enterpriseam admin","date":"24 May 2021","format":false,"excerpt":"Responsible and ethical investors are going long on EMs: Investors with environmental, social, and governance (ESG) mandates are turning to emerging markets, which have traditionally been slow on the uptake of green investments, Bloomberg says. With slightly higher yields than developed markets and \u201cwithout too much risk-taking,\u201d emerging markets are\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/5\/435.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":707378,"url":"https:\/\/enterpriseam.com\/egypt\/2026\/06\/03\/egypt-faces-potential-sp-downgrade-to-frontier-market-status\/","url_meta":{"origin":598835,"position":5},"title":"Egypt faces potential S&P downgrade to frontier market status","author":"enterpriseam admin","date":"3 June 2026","format":false,"excerpt":"S&P DJI launched a consultation to demote Egyptian equities to frontier market status over market accessibility concerns","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2026\/6\/191.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/598835","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=598835"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/598835\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/598820"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/598836"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=598835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=598835"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=598835"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=598835"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=598835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}