26 Jul 2024
19 minutes
A trip to the US over the summer to speak with allocators highlighted strong interest in EM equities. But it also flagged important questions about investing in this dynamic and recently underexplored part of the stock market.
Central banks have returned to the gold market in force since the Q1 slowdown. With the gold price appearing better supported than many market participants had assumed, the case for a re-rating of gold equities is strengthening.
EM equity gains in 2026 have been narrow, concentrated in AI-driven information technology. Archie Hart and Varun Laijawalla explain why this memory upcycle looks structurally different to previous ones, with recent earnings from the key players supporting a fundamentals story. They believe the theme is early, rather than exhausted.
Growth momentum is building across the Chinese economy, not solely in technology-linked sectors. We see opportunities for investors to align with the country’s ongoing structural transformation.
AI is driving new demand for commodities, while supply remains disciplined – supporting the outlook for natural resources equities.
It has been another strong year for EM equities, which has left many investors pondering where exactly we are in this cycle. Archie Hart and Varun Laijawalla explain why there is scope to capture a re-rating that they believe has considerable upside from here.
For years, capital has gravitated to the US. A one-way trade powered by tech dominance and economic heft. But as the world tilts on its axis, the next cycle is unlikely to resemble the last, and the investment map is beginning to redraw itself.
As global investors reassess their allocations, emerging markets are entering the second half of the year from a position of genuine strength.
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.
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.
Market conditions appear to be shifting in favour of emerging market equities. We explore how to structure an allocation to achieve broad exposure to the return-potential of the asset class while managing risks.
Global equities are entering a new regime that looks very different from the last decade. As market leadership broadens and rotations accelerate, investors are reassessing the role of core within portfolios.
As China moves from the Year of the Snake into the Year of the Horse, the next animal in the 12-year Chinese zodiac cycle, investors are asking whether the horse’s association with strength and dynamism will be reflected in how China’s markets are positioned to perform.
Capital is returning to emerging market equities. This paper sets out why the investment approach matters and why active strategies have been rewarded in emerging markets.
There are plenty of catalysts for Chinese equities in 2026, with the latest Five-Year Plan likely to be the centre of attention. We believe that there are abundant opportunities in the Chinese equity market, which still trades at a notable discount to developed markets.
For the first time in years, Europe can position itself as not just looking cheap, but investable. With more reforms than we have seen in decades and bolder political decision-making, Europe now has a clear line of sight to accelerating GDP and earnings growth into 2026 and beyond.
2025 was a year marked by substantial volatility on an ultimately upward trend. We expect the sharp divergence across winners and losers to continue, and this lends itself to a disciplined approach to portfolio construction, driven by a laser focus on stock selection.
While US mega caps continue to dominate the conversation, there are select companies in Asia and other emerging markets that have quietly become indispensable players in the global AI value chain. We believe that the ‘Secret Seven’ could help drive another positive year in emerging market equities.
The 4Factor story is one of continuous learning. Over a quarter-century, the team has evolved its tools, sharpened its thinking and deepened its discipline. Explore how this philosophy positions 4Factor to meet the demands of the next 25 years.
The AI boom increasingly depends on hardware. A small group of emerging market firms sit at the physical limits of that infrastructure, yet still trade at deep discounts. The “Secret Seven” may represent one of the most overlooked opportunities in global equities.
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