Our EM Debt team shares its latest outlook and positioning across the investment universe.

The SpaceX IPO is just the opening act. With Anthropic and OpenAI now both filing confidentially for their own listings, Ninety One analyst Anton du Plooy considers what a wave of trillion-dollar AI debuts means for markets, and for the investors who have to decide what to do about them.

Financial markets were broadly positive in May. Global equities advanced, led by technology stocks as AI enthusiasm remained a key driver of performance. Bond markets were more volatile, with a sharp mid-month sell-off driven by inflation concerns and uncertainty surrounding the US-Iran conflict. However, sentiment improved later in the month as hopes of a US-Iran deal increased, helping oil prices to fall sharply and supporting both sovereign bonds and credit markets. Commodities were mixed overall, with industrial metals advancing while Brent crude recorded its largest monthly decline since the pandemic.

As war in the Middle East adds to a series of global supply shocks, emerging markets are showing growing resilience in an increasingly multipolar world.

Natural resources equities can mitigate vulnerability to equity market-regime shifts. The asset class has distinct performance drivers that may complement existing equity allocations.

Amid a volatile geopolitical backdrop, risks relating to the US private market and AI disruption have driven big moves in credit markets this year. Co-head of Developed Market Credit, Justin Jewell, and Investment Director, Jared Cook, discuss these themes and consider how credit investors can navigate them.