Putnam Perspectives: Analysis of evolving market themes.
Be selective in emerging markets
The picture in emerging markets is vastly different today than in the mid- to late-1990s, when nearly all EM countries issued debt in U.S. dollars.
The equity edge over high yield
Despite the disruption in the high-yield bond sector caused by lower energy prices, it may not be a buying opportunity.
The dollar could be a drag on dividends
The stronger U.S. dollar can challenge corporate earnings and the ability of companies to pay dividends.