Money managers spent much of the past year avoiding emerging markets, including Asia's, on concerns ranging from the scope and timing of the U. S. Federal Reserve's reduction in quantitative easing to fears of a hard landing for the Chinese economy. Now that these particular worries have subsided, for the most part, bargain hunters have been coming back-but whether they will stay remains to be seen. "This year is shaping up to be at least as volatile as 2013, if not more so," contends Neil Perry, head of Asia-Pacific research at Morgan Stanley in Hong Kong. "In the first four months, we have already seen some major performance-relative differences. From the troughs last year, both India and Indonesia have rallied significantly ahead of key elections."
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