Emerging markets may swing 20%

SINGAPORE - Antoine van Agtmael, who coined the term "emerging markets", said equities in developing nations are fairly valued and need a "breather" after last year's record rally.

Shares in emerging markets could decline or increase as much as 20 percent this year, van Agtmael, who helps manage $13 billion as chairman and chief investment officer of Emerging Markets Management LLC, said. Stocks aren't cheap at levels comparable to developed markets, he also said.

"We have just had the best gains in the history of emerging markets, we need a bit of a breather," van Agtmael said. "It's not going to be the panic of 2008 and it is not going to be the fabulous year we had last year."