Actively navigating EM equities

The unstoppable dollar meets the immovable Mr Trump

Dollar cycles are longer than others because four self-reinforcing forces create inertia. They rarely reverse unless all four turn at once. Trump-era policies, fiscal strain and shifting global capital could trigger such a convergence.

Beyond the one-way trade

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.

European Equities: a beautiful panic

After years in the global investment wilderness, an increasing set of pro-growth signals from policymakers is starting to shift the narrative. Europe is positioning itself not just as cheap – but investable.

Quality earnings are more predictable than the market

Clyde Rossouw explains why investors who buy businesses that have realisable growth – not the promise of growth - should be well placed in 2025.

Global Equity: A resurgence of core

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.

A steadier stride: investing in a changed China in the Year of the Horse

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.

Why it pays to be active in EM equities

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.

Navigating the Year of the Horse

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.

Europe is finally positioned for growth

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.

Maintain a laser focus on stock selection in a broadening market

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.

A once-in-a-generation opportunity

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.

25 years of 4Factor investing

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 Secret Seven: Undervalued firms at the heart of AI infrastructure

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.

Hidden GEMs: Emerging markets are poised to reshape the investment landscape

Under-owned but now firmly on global investors’ radars, emerging markets are set to play a bigger role in portfolios. Compelling – and often mispriced – investment opportunities can be found across asset classes, but careful selection is increasingly vital.

EM ex-China: opening doors to different opportunities

Emerging markets are diverse, and so are investors’ goals. For those seeking flexibility around China exposure, EM ex-China provides an alternative way to capture growth, resilience, and diversification.

The great rebalancing

A new cycle reshaping global equity leadership.

Harnessing risk and unlocking opportunity in EM equities

Jen Ford and Archie Hart share how discipline, bottom-up stock selection and a clear risk framework can help unlock long-term value in EM equities.

Hidden GEMs: How emerging markets are rewriting the volatility playbook

Emerging market equities portfolio managers Archie Hart and Varun Laijawalla argue that stronger fundamentals, pragmatic policy, and resilient performance are reshaping investor perceptions of risk in emerging market equities.

Meet the AI makers

Emerging markets are building the backbone of the AI revolution, offering long-term investors a compelling way in.

4 minutes

The shrinking upside in the dollar story

Our research offers three reasons why the dollar’s upside is limited, while the balance of risks increasingly point lower.

The unstoppable dollar meets the immovable Mr Trump

Dollar cycles are longer than others because four self-reinforcing forces create inertia. They rarely reverse unless all four turn at once. Trump-era policies, fiscal strain and shifting global capital could trigger such a convergence.

Beyond the one-way trade

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.

European Equities: a beautiful panic

After years in the global investment wilderness, an increasing set of pro-growth signals from policymakers is starting to shift the narrative. Europe is positioning itself not just as cheap – but investable.

Quality earnings are more predictable than the market

Clyde Rossouw explains why investors who buy businesses that have realisable growth – not the promise of growth - should be well placed in 2025.

Global Equity: A resurgence of core

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.

A steadier stride: investing in a changed China in the Year of the Horse

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.

Why it pays to be active in EM equities

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.

Navigating the Year of the Horse

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.

Europe is finally positioned for growth

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.

Maintain a laser focus on stock selection in a broadening market

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.

A once-in-a-generation opportunity

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.

25 years of 4Factor investing

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 Secret Seven: Undervalued firms at the heart of AI infrastructure

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.

Hidden GEMs: Emerging markets are poised to reshape the investment landscape

Under-owned but now firmly on global investors’ radars, emerging markets are set to play a bigger role in portfolios. Compelling – and often mispriced – investment opportunities can be found across asset classes, but careful selection is increasingly vital.

EM ex-China: opening doors to different opportunities

Emerging markets are diverse, and so are investors’ goals. For those seeking flexibility around China exposure, EM ex-China provides an alternative way to capture growth, resilience, and diversification.

The great rebalancing

A new cycle reshaping global equity leadership.

Harnessing risk and unlocking opportunity in EM equities

Jen Ford and Archie Hart share how discipline, bottom-up stock selection and a clear risk framework can help unlock long-term value in EM equities.

Hidden GEMs: How emerging markets are rewriting the volatility playbook

Emerging market equities portfolio managers Archie Hart and Varun Laijawalla argue that stronger fundamentals, pragmatic policy, and resilient performance are reshaping investor perceptions of risk in emerging market equities.

Meet the AI makers

Emerging markets are building the backbone of the AI revolution, offering long-term investors a compelling way in.

4 minutes

The shrinking upside in the dollar story

Our research offers three reasons why the dollar’s upside is limited, while the balance of risks increasingly point lower.

The unstoppable dollar meets the immovable Mr Trump

Dollar cycles are longer than others because four self-reinforcing forces create inertia. They rarely reverse unless all four turn at once. Trump-era policies, fiscal strain and shifting global capital could trigger such a convergence.

Beyond the one-way trade

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.

European Equities: a beautiful panic

After years in the global investment wilderness, an increasing set of pro-growth signals from policymakers is starting to shift the narrative. Europe is positioning itself not just as cheap – but investable.

Quality earnings are more predictable than the market

Clyde Rossouw explains why investors who buy businesses that have realisable growth – not the promise of growth - should be well placed in 2025.

Actively navigating EM equities

Varun Laijawalla believes an active approach is imperative to investing in emerging markets, which he illustrates by relating to his team’s experiences of investing in two EM powerhouses – India and China.

Varun Laijawalla

Actively navigating EM equities

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Authored by

Varun Laijawalla

Portfolio Manager, Emerging Markets Equities

Related insights

Global Equity: A resurgence of core

A steadier stride: investing in a changed China in the Year of the Horse

Why it pays to be active in EM equities

Navigating the Year of the Horse

Explore more insights

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