Arthur Budaghyan

Chief Strategist

Arthur is currently BCA Research’s Chief Strategist, Emerging Markets Strategy. Since joining BCA Research in 1999, he has been responsible for EM trading strategies and became the Chief Strategist of the Emerging Markets Strategy in 2005. Prior to BCA Research, Arthur worked for a regulatory government agency in Armenia supervising financial markets. Arthur has an MBA from America University of Armenia, a Masters in Economic Policy Management from McGill University, and is a CFA charter holder.

Emerging Markets Strategy

BCA’s Emerging Markets Strategy helps investors understand the EM landscape by merging global research with country specific insights, benefiting both global asset allocators, and dedicated EM portfolios.

Challenge your investment conviction with insights from Emerging Markets Strategy

Emerging Market Strategy

Emerging Markets Strategy

Does EM always outperform in the long run?

March 14 2019

None of the individual EM bourses has outperformed DM on a consistent basis over the past 40 years. EM share performance has exhibited long-term cycles of around seven to 10 years. Getting these cycles right is instrumental to successful investing. EM investing is primarily about exchange rates. We also publish analysis on South Africa’s public debt sustainability.

Emerging Markets Strategy

EMS EM Equity Valuations Part I

January 24 2018

After the significant share price run up, the question for investors is whether EM equities are still cheap or have become overvalued.

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Arthur Budaghyan in the news

Financial Times

A wave of liquidity will continue to wash over emerging markets

June 21 2020

Not everyone wants to ride this wave. Arthur Budaghyan, chief emerging market strategist at BCA Research, describes what is happening as a “FOMO-driven mania”. With markets pumped up on trillions of dollars of liquidity, fear of missing out is driving US retail investors to bet their stimulus cheques on companies apparently heading into bankruptcy. Institutional investors, he said, have had little choice but to join in, and their thirst for yield has driven portfolio flows back into emerging markets after they experienced record-breaking outflows in March.

ETF Trends

With Emerging Markets Perking up, Consider This ETF

June 05 2020

“While the mania could last longer and go further than fundamentals may suggest, Arthur Budaghyan, BCA Research’s Chief Emerging Markets wrote in a client note Thursday that a weaker than expected global recovery and rising tensions between the U.S. and China pose two big risks that will continue to weigh on emerging markets ‘after this recent mania phase runs out steam,’” reports Reshema Kapadia for Barron’s.

IPE

Fixed Income & Credit: Potential for adventures

April 09 2020

Brazil has seen a meaningful rise in local currency corporate bond issuance in the recent years and there are small local currency corporate bond markets in India. China is the behemoth that dominates this asset class and outside these countries, the asset class is almost non-existent, points out Arthur Budaghyan, chief emerging markets strategist at BCA Research. The focus therefore has to be on China for the foreseeable future, although it is only a matter of time before other markets develop in size to become potential investment destinations.

Barron's

Emerging Markets Have Been Battered. The Worst May Be Yet to Come.

March 27 2020

The iShares MSCI Emerging Markets Index exchange-traded fund (ticker: EEM) is down 26% this year, but in a note to clients, Arthur Budaghyan, chief emerging markets strategist at BCA Research, still recommends investors take caution. “It might be too late to sell emerging market stocks, but also too risky to buy them aggressively” he writes.

Bloomberg

This U.S. Stocks Melt-Up Rests on Faith in Low Rates

December 20 2019

BCA Research Inc.’s veteran emerging markets strategist Arthur Budaghyan has been (correctly) bearish ever since 2010, but this week announced that he was recommending going long…However, he is still arguing on fundamental grounds that emerging markets will underperform the U.S. and developed markets

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