1、EMERGING MARKETS AND US INVESTMENT REPORT CONTENTSMARKET REVIEW 4CULT WINES PERFORMANCE 6MARKET OUTLOOK 7 US 8 Australia 9 South America 10 Spain 12 Germany 13CULT WINES INVESTMENT VIEW 14SELECT NEW RELEASES TABLE 15CULT WINES|WINEINVESTMENT.COM3KEY POINTS:Through the end of August,the Liv-ex Rest o

2、f World 60 and California 50 indices have returned 10.7%and 10.5%respectively,two of the top three performing regions in 2021.Our outlook remains strong,particularly for EM regions such as Chile and Argentina where quality is hitting new heights.California wines continue to display amazing quality,b

3、ut the recent rally could ease as prices are high.New releases in September could create new opportunities with several releases coming via La Place de Bordeaux,boosting global awareness.Relative value versus traditional European regions is a key driver of EMs growth potential.Therefore,an active,an

4、alytical approach can uncover the best opportunities in different markets.CULT WINES|WINEINVESTMENT.COM4This potential is on display in 2021.A strong August lifted the Liv-ex Rest of World 60(ROW60 the ten most recently physical vintages for six wines from Australia,Portugal,Spain and the US)to a 10

5、.7%year-to-date return,the top mark among Liv-exs regional indices so far in 2021.MARKET REVIEWMARKET REVIEWThe ongoing expansion of the global fine wine market means the emerging markets(EM)and US regions offer some of the best opportunities to access great wines with compelling investment potentia

6、l.Many areas of EM are enjoying a surge in interest from wine lovers,investors and international wine publications alike.Therefore,this less-established market segment can deliver some of the strongest growth rates.Source:Liv-ex as of 31 August 2021FIGURE 1 Outpacing the fine wine marketLiv-ex regio