Global
Deliberating EM debt
Tackling the topics that are most relevant for investors today.
In these articles, our EM debt team tackles the topics that are top of investors’ minds and provides insights for asset allocators currently deliberating EM debt.
These topics include:
- The big picture
- Notes from the road
- Frontier markets
- Sustainability
- The allocation decision
Emerging markets
Boots on the ground: a different perspective on the IMF Spring Meetings
Three members of our EM Debt team went to Washington, DC – we asked them to share their highlights and pointers for investors, including a behind-the-scenes perspective on this important annual event.
10 minutes
29 Apr 2026
Deliberating EM debt
EM debt: the evolution of an asset class
EM debt has become an important component of the global debt market. The transformation has resulted in robust credit quality across a highly diverse opportunity set that’s ripe with alpha-capture potential.
9 minutes
08 Apr 2026
Investment Institute
Podcast | Energy, geopolitics, and markets: reflections from Miami
Sahil Mahtani, Director of Ninety One’s Investment Institute, and Paul Gooden, Portfolio Manager for Global Natural Resources, discuss Venezuela and broader energy themes following the Goldman Sachs Global Energy Conference in Miami.
14 Jan 2026
Investment Institute
Podcast | Venezuela: on the ground in Caracas with International Crisis Group
Sahil Mahtani, Director of Ninety One’s Investment Institute, and Nicolas Jaquier, EM Fixed Income Portfolio Manager, are joined by Phil Gunson, Senior Analyst at the International Crisis Group, who is based in Caracas for an on-the-ground perspective on the rapidly evolving situation in Venezuela.
12 Jan 2026
Emerging Markets Corporate Debt
From the Middle East to Latin America, opportunities abound
Some areas of this increasingly mature asset class look expensive today. But a bottom-up perspective reveals plenty of opportunities across the globe, with enduring inefficiencies creating compelling value for investors.
5 minutes
12 Jan 2026
2026 EM outlook
Nearer the start of a multi-year cycle
Emerging markets outperformance tends to happen in multi-year cycles. The question for 2026 is whether we are closer to the end or the beginning of this EM cycle. There is strong evidence that it is the latter.
18 minutes
12 Jan 2026
Emerging Market Sovereign Debt
Market mispricing persists amid rising resilience
Increasingly relevant and in focus, EM debt has entered a more resilient and mature phase. But market inefficiencies continue to provide ample opportunity.
6 minutes
12 Jan 2026
EM Alternative Credit
An abundance of untapped opportunities
Structural growth drivers remain strong in this increasingly relevant – and in focus – part of the global private credit market. In addition, developments in the renewable energy sector and AI are giving rise to a new cohort of investment opportunities. The deal pipeline continues to expand across the EM universe.
5 minutes
12 Jan 2026
Investment Institute
Venezuela: scenarios and market implications
Maduro’s exit raises the chance of change, but power is likely to remain with the security state as the US opts for pressure and negotiation over regime overhaul. Markets appear ahead of reality, with any improvement in oil and debt outcomes likely to be slow and uneven.
5 minutes
07 Jan 2026
Deliberating EM debt
Right place, right time: EM local currency debt today
With global portfolios in flux, EM local currency debt deserves a second look. A decade-long structural evolution has reshaped the market and enhanced its investment appeal.
14 minutes
22 Aug 2025
Emerging markets
Tipping point: a turn in the US dollar cycle and what it means for emerging market debt
After more than a decade of US dollar dominance, the currency’s extraordinary rally may finally be peaking. For EM debt investors, a weaker dollar could mark a long-awaited shift from headwind to tailwind.
8 minutes
18 Jun 2025
Deliberating EM debt
Reframing fixed income: the old rules are no longer fixed
Peter Kent, Co-Head of Fixed Income, argues bond markets are in a new regime – ‘safe havens’ are no longer acting as such, and investors can no longer expect asset classes to behave as they have done historically. As a result, asset allocation approaches need a reboot, and portfolio diversification has never been such a virtue.
9 minutes
06 Jun 2025
Talking tariffs
Trump unleashes trade policy, shakes markets, adapts the rules, sets a course
Trump’s sweeping trade reset marks the largest US tariff escalation in nearly a century. Ninety One’s Investment Institute unpacks the policy shift, outlines scenario-based outcomes, and explores what it means for markets.
10 minutes
14 Apr 2025
Deliberating EM debt
Blurred lines: the EM’ification of DM
A shift in volatility in developed markets means asset allocators face a new reality.
9 minutes
26 Feb 2025
Talking tariffs
Decoding tariffs: A framework for investors in EMD
With tariffs becoming an increasingly unpredictable tool of US economic policy, Sangeeth Sewnath, Head of Americas, sits down with our experts Thys Louw and Sahil Mahtani to discuss how investors should approach tariff risk.
14 minutes
13 Feb 2025
Deliberating EM debt
Tackling tariff risks
With US trade tariff-related uncertainty now top-of-mind for investors, Thys Louw and Aurelie Martin present our proprietary framework for assessing sovereign vulnerability, and explain how tariff-related market volatility could present investment opportunities.
5 minutes
05 Feb 2025
Hidden GEMS
Hidden GEMs: How to stop worrying and learn to live with (if not love) tariffs
Alan Siow, Co-Head of Emerging Market Corporate Debt, explains why a new US tariff regime, while potentially creating some turbulence, need not be the existential threat that some might fear. This too shall pass.
4 minutes
12 Dec 2024
Elections
The year of the ballot
Elections often move markets. This year, eight of the world’s 10 most-populous nations go to the polls in the same year for the first time ever. FX markets are often the best way to express views or hedge positions in and around elections, and FX volatility presents a source of potential alpha. We have produced this piece to help investors navigate this year. The year of the ballot.
25 minutes
22 Nov 2024
US election 2024
What the US election means for emerging markets investors
A shift in gear or more of the same? Portfolio managers Archie Hart and Thys Louw consider the implications of Trump’s election victory for emerging markets and discuss what it means for investors.
5 minutes
07 Nov 2024
Elections
The year of the ballot: a mid-year snapshot
Dubbed the "Year of the Ballot," numerous emerging market elections have now been concluded, notably South Africa, India, and Mexico. Given that elections often move markets, Ninety One emerging market specialists, Malcolm Charles and Nicolas Jaquier take stock to assess their impact on the markets.
13 minutes
24 Jul 2024
Hidden GEMS
Hidden GEMs: Africa’s frontier markets have further to run
Since Thys Louw, Emerging Market Fixed Income Portfolio Manager, discussed a renewed focus on frontier market debt earlier this year, the asset class has staged a remarkable turnaround – especially African markets. But it’s not too late to take advantage of some compelling investment opportunities. Thys outlines recent developments in the asset class and shares his thoughts on where to find the best opportunities.
4 minutes
25 Jun 2024
Elections
Turkey – a more measured election response bodes well for the economic outlook
After local elections deliver a heavy blow to the incumbent party, Roger Mark reflects on President Erdoğan’s surprisingly conciliatory tone and apparent ongoing commitment to orthodox policymaking, and considers what this means for fixed income investors.
5 minutes
09 Apr 2024
Hidden GEMS
Don’t dismiss EM debt
A disappointing decade in some areas of the asset class has left asset allocators questioning the investment case for EM debt. Grant Webster, Co-Head of Emerging Market Sovereign & FX, provides an analysis of two contrasting decades and suggests that asset allocators should not dismiss the asset class.
5 minutes
07 Aug 2023
Elections
A new era for Nigeria
While much remains to be done, Nigeria’s new administration is beginning to lay the groundwork for a more prosperous and sustainable future. Thys Louw explores the implications for debt investors.
3 minutes
21 Jun 2023
Elections
Turkey at a crossroads
Grant Webster and Roger Mark look at how markets have reacted to uncertainty around this month’s historic elections in Turkey and find a more nuanced outlook for fixed income investors than recent market moves imply.
6 minutes
10 May 2023
Elections
Brazil election result: initial takeaways for EM debt investors
Ninety One’s Latin America specialists reflect on the election outcome and considerations for investors.
2 minutes
01 Nov 2022
EM Perspectives event
EM Perspectives
At our recent EM Perspectives event in London, we welcomed asset allocators from around the world to explore where the real opportunities lie. With insights from our investment teams and guest speakers, the event offered a fresh look at the evolving EM landscape.
Important Information
This communication is provided for general information only should not be construed as advice.
All the information in 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 necessary 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.