Frontier markets slumped in line with other non-dollar denominated markets in 2018; though outside of Argentina (which fell by -50%), frontier markets as a whole outperformed even the U.S. Never the less In mid-2019 Argentina will “graduate” back into the MSCI Emerging Markets (EM) index. In 2018 Argentina fell victim to a stereotypical emerging market currency crisis, where high USD debt and rising rates caused a run on the currency that ultimately could only be stopped by ratcheting up interest rates…