For a few weeks in April, and for the first time this year, stocks and bonds in emerging markets (EM) together attracted more cash investment than their developed market counterparts. Was that a turning point following their lacklustre performance in the first quarter when emerging market equity funds reported substantial outflows? Will the good values in EM assets be realised? In answer SEB’s experts says they see obvious potential risk concerning the performance of EM assets over the next three to six months, mainly including liquidity connected with terminating quantitative easing in the US, political volatility in the Middle East and North Africa spreading to major oil exporting countries and disorderly Greek debt reconstruction.