But Van Der Linde noted that the rallies in both the greenback and U.S. bond yields have stalled in late December, adding that not only were expectations for stronger U.S. growth already priced in, but that those expectations may also be getting too high.
“As that momentum slows in the dollar and U.S. bond market, I think what you’re going to see is some rotation back into emerging markets,” he said.
However, Van Der Linde noted that the trade cycle globally remained “extremely weak,” with protectionism on the rise, and advised being selective, particularly in Asia.