Investors are paying the most since May 2015 to own emerging-market stocks rather than developed-market equities. The valuation discount for the MSCI Emerging Markets Index dropped to 24 percent relative to the MSCI World Index, from a high of 31 percent in August. The developing-nation gauge trades at 11.5 times the projected earnings of its members and is estimated to yield $69.26 per share over the next 12 months.
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