(Bloomberg) -- After years of decrying the BRIC template for emerging-market investing, Stephen Jen says it's worth taking a look at the asset class.

Jen, who cut his teeth on emerging-market analysis at Morgan Stanley during the Asia crisis, hasn't changed his view that many of these countries have failed to address structural economic flaws. The difference now: the Federal Reserve appears to have effectively capped long-term U.S. yields, even as it raises interest rates. That gives an incentive to move out on the risk curve.

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