Meet the AI makers
Emerging markets are building the backbone of the AI revolution, offering long-term investors a compelling way in.
4 minutes
Global
4Factor equities
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.
26 Jul 2024
19 minutes
Varun Laijawalla
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.
0:00
0:00
The Big Picture Podcast
Learn more
Featuring frequent interviews with our investment professionals and special guests, subscribe to The Big Picture podcast channel on your app of choice to listen on the move or listen below.
Authored by
Related insights
Resilience and divergence: emerging markets are forging ahead in a new era for investors
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.
Reassessing emerging market equity allocations
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 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.
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.
Explore more insights
Insights
Insights
Market and portfolio insights, webinars & events curated from across our investment teams to help you steer through changing investment landscapes.
Read more
Important Information
This communication is provided for general information only and should not be construed as advice.
All the information in this communication is believed to be reliable but may be inaccurate or incomplete. The views are those of the contributor at the time of publication and do not necessarily reflect those of Ninety One.
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
All rights reserved. Issued by Ninety One.
For further information on indices, fund ratings, yields, targeted or projected performance returns, back-tested results, model return results, hypothetical performance returns, the investment team, our investment process, and specific portfolio names, please click here.