"We have always prided ourselves in an ability to avoid the worst of the downside in emerging markets.
"Over the long term, much of our relative gains come from avoiding downside, but this quality has evaded us in recent years, mostly due to the challenges of the Chinese consumer."
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But he said he was optimistic. He sees opportunity in the "return of this quality", where "normal service" seems to be returning in emerging markets.
It seems governments are not the only ones keeping a watchful eye on China, its impact on the Asia-Pacific region, and the rest of the world's economies: so, too, are investors, and investors like to play the long game.
Simoney Kyriakou is editor of FT Adviser
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