With a push from improved performance of domestic businesses, the equities pendulum has swung back to the U.S. market.

By contrast, the majority of emerging market businesses suffered negative earnings in the final quarter of 2012, dealing a severe blow to investor belief in the region’s growth story, reports FT.com.

According to Bloomberg data, the projected 12-month EPS growth rate for the under-owned S&P Small Cap 600 is 34%, whereas it’s only 17% for the MSCI Emerging Markets universe.

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