The performance of diversified emerging market equity funds

We investigate the performance of globally diversified emerging market equity funds during the first decade of the twenty-first century. A vast majority of these funds do not outperform the market benchmark even before transaction costs. The systematic risk of most of the funds is similar to that of the market benchmark portfolio, which may suggest that they aim to offer diversification benefits rather than seeking superior risk-adjusted returns through active management. We do not find any evidence of market timing ability amongst these funds. Finally, whilst we detect persistence in performance, this result is driven mainly by the poorly performing funds.

Some Reflections on the Emergence of Multimodal Assemblages of Meaning

In this commentary I reflect upon the conceptualisation of human meaning-making, utilised in the two target articles, that relies heavily on speech as the main mode of semiosis and considers time only in its chronological form. Instead I argue that human existence is embodied and lived through multiple modalities, and involves not only sequential experience of time, but also experience of emergence. In order to move towards a conception of meaning-making that takes this into account, I introduce the social-semiotic theory of multimodality (Kress 2010) and discuss notions of ‘real duration’ (Bergson 1907/1998) and ‘lived time’ (Martin-Vallas 2009). I argue that dialogical (idiographic) researchers need to develop analytic and methodological tools that allow exploring the emergence of multimodal assemblages of meaning in addition to trying to avoid the monologisation of complex dynamic dialogical phenomena.