Emerging markets are an attractive investment opportunity in the event of a Joe Biden presidency and a Republican-controlled Senate, according to the world’s largest money manager.

Rick Rieder, the chief investment officer of global fixed income at BlackRock Inc., said developing-nation assets look more appealing in this low-rate world and could also benefit from a more moderate leader in the White House.

“We’ll have a dynamic with a decent economy, presumably if you don’t have a second wave of Covid, so I actually find some of the risk assets -- some of the yielding assets -- much more attractive than Treasuries,” he said on Bloomberg TV. “Buying the 10-year note at 75 basis points won’t take your return to the promised land.”

Rieder, who was busy trading well into the early hours of the morning as election results trickled in, said he still expects a significant U.S. stimulus package, even if it’s less than anticipated. Meantime, gridlock could stymie major tax increases, benefiting technology and health care stocks, he said.

The New York-based investor said cash is an effective hedge today, while crypto assets are also a useful addition to a balanced portfolio. One of the biggest challenges will be when markets shift their focus back to the pandemic.

“It will take a week or two and that will be at the forefront,” Rieder said. “That’s why you can’t get too overzealous about taking a lot of risk today. We’re definitely not out of the woods with Covid or getting a vaccine.”