Global
EM Perspectives
Our emerging market experts aim to help make sense of the broad and diverse emerging market opportunity set. They cut through the noise to reveal what’s really relevant for investors.
Hidden GEMS
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.
7 minutes
27 May 2026
Deliberating EM debt
Global Frontier Debt: understanding – and navigating – an increasingly relevant asset class
Frontier markets are increasingly relevant for today’s portfolios, but expertise and conviction are vital for successful investment outcomes.
5 minutes
15 May 2026
EMD Indicator
Emerging Market Debt Indicator – April 2026
Our EM Debt team shares its latest outlook and positioning across the investment universe.
14 minutes
15 May 2026
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
Emerging perspectives
Private debt: hidden strengths in emerging markets
Pressure is building in US private debt as weaker underwriting standards, rising defaults and AI-disruption risks combine to create a perfect storm. In contrast, investors in emerging markets can access asset-heavy borrowers, in deal structures that offer higher senior-secured yields and stronger protections.
18 minutes
21 Apr 2026
Hidden GEMS
Hidden GEMs: Why the oil shock could accelerate the energy transition
Oil shocks don’t just disrupt, they accelerate change. Higher prices and energy insecurity are fast-tracking the shift to electrification and clean technology, led by emerging markets.
5 minutes
21 Apr 2026
EMD Indicator
Emerging Market Debt Indicator – March 2026
Reflections on developments across the EM Debt investment universe in March, and the EM Debt team's latest outlook and positioning.
14 minutes
15 Apr 2026
Deliberating EM debt
Emerging market debt: unlocking the full potential
Shifting asset class behaviour is forcing a rethink of allocation approaches and fuelling demand for greater diversification. In this context, emerging market debt is highly relevant, but implementation is key.
6 minutes
10 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
EMD Indicator
Emerging Market Debt Indicator – February 2026
Reflections on developments across the EM Debt investment universe in February, with an update on portfolio positioning in the context of the current conflict in the Middle East.
14 minutes
12 Mar 2026
Emerging markets
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.
18 minutes
10 Mar 2026
EMD Indicator
Emerging Market Debt Indicator – January 2026
Our EM Debt team shares its latest outlook and positioning across the investment universe.
14 minutes
16 Feb 2026
Deliberating EM Equities
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.
11 minutes
06 Feb 2026
Hidden GEMS
Hidden GEMs: An EM debt investor’s navigation guide to 2026
After a year that pushed emerging market (EM) debt further into the mainstream, opportunities to capture alpha persist across regions and instruments.
8 minutes
14 Jan 2026
EMD Indicator
Emerging Market Debt Indicator – December 2025
Our EM Debt team shares its latest outlook and positioning across the investment universe.
14 minutes
13 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
All China Equity
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.
4 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
Emerging Markets Equity
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.
4 minutes
12 Jan 2026
Africa Fixed Income Opportunities
Africa rising: the next frontier in fixed income
Thanks to favourable growth and demographic trends, Africa’s role on the global economic stage is rising. The region’s fixed income markets have much to offer investors: double-digit yields; strong return drivers; powerful diversification benefits, to name just three. This is a new frontier that is well worth exploring.
6 minutes
12 Dec 2025
EMD Indicator
Emerging Market Debt Indicator – November 2025
Our EM Debt team shares its latest outlook and positioning across the investment universe.
15 minutes
10 Dec 2025
Emerging markets
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.
5 minutes
09 Dec 2025
Emerging Markets Transition Debt
Emerging Markets Transition Debt: hidden strengths in overlooked places
As cracks emerge in the world’s largest private credit market, it’s a good moment to look closely at the private loans in our Emerging Markets Transition Debt (EMTD) portfolio. Using recent case studies, we show how these loans combine attractive yields with meaningful downside protection.
5 minutes
08 Dec 2025
AI
The overlooked frontier
Amid the global AI buildout, emerging markets credit is quietly powering the infrastructure behind the revolution - offering investors yield with purpose and access to the engines of AI growth.
4 minutes
01 Dec 2025
Hidden GEMS
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.
7 minutes
28 Nov 2025
Investment Institute
Emerging market’s net issuance drag is easing
A major headwind to emerging market equity performance is fading. Read how this structural shift could lift future returns and reshape the case for EM allocations.
6 minutes
24 Nov 2025
EMD Indicator
Emerging Market Debt Indicator – October 2025
Our EM Debt team shares its latest outlook and positioning across the investment universe.
14 minutes
14 Nov 2025
Deliberating EM Equities
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.
14 minutes
06 Nov 2025
Investment Institute
The great rebalancing
A new cycle reshaping global equity leadership.
20 minutes
04 Nov 2025
Notes from the road
Senegal’s journey from setbacks to stability
Recent setbacks in Senegal’s pursuit of economic stability have left it firmly out of favour with fixed income investors. But my meetings gave me comfort that the key ingredients for a more sustainable future – fiscal reforms and an IMF support package – are still attainable.
4 minutes
15 Oct 2025
EMD Indicator
Emerging Market Debt Indicator – September 2025
Our EM Debt team shares its latest outlook and positioning across the investment universe.
14 minutes
14 Oct 2025
Deliberating EM Equities
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.
16 minutes
16 Sep 2025
Deliberating 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.
4 minutes
16 Sep 2025
AI
Meet the AI makers
Emerging markets are building the backbone of the AI revolution, offering long-term investors a compelling way in.
4 minutes
12 Sep 2025
EMD Indicator
Emerging Market Debt Indicator – August 2025
Our EM Debt team shares its latest outlook and positioning across the investment universe.
12 minutes
10 Sep 2025
Investment Institute
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.
19 minutes
05 Sep 2025
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
Deliberating EM Equities
Resetting the narrative on emerging market equities
Emerging market equities are outperforming developed markets for the first time in years and many believe this could mark the start of a long-term structural shift.
15 minutes
19 Aug 2025
EMD Indicator
Emerging Market Debt Indicator – July 2025
Our EM Debt team shares its latest outlook and positioning across the investment universe.
12 minutes
13 Aug 2025
EMD Indicator
Emerging Market Debt Indicator – June 2025
Our EM Debt team provides an update across the investment universe and shares the latest outlook and current top-down positioning.
12 minutes
10 Jul 2025
Investment Institute
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.
20 minutes
04 Jul 2025
Investment Institute
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.
04 Jul 2025
Transition investing
Net-zero investing: searching for returns and real-world change
Shifting from reducing financed emissions to financing reduced emissions. Using practical examples, this paper sets out how we can evolve the approach to net-zero investing to achieve the dual objectives of delivering decarbonisation in the real economy while optimising returns for clients and beneficiaries.
10 minutes
04 Jul 2025
Deliberating EM Equities
Get to know 4Factor Emerging Markets Equity
A core strategy seeking to generate alpha across emerging market cycles
5 minutes
02 Jul 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
EMD Indicator
Emerging Market Debt Indicator – May 2025
Our EM Debt team provides an update across the investment universe and shares the latest outlook and current top-down positioning.
15 minutes
11 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
Hidden GEMS
Hidden GEMs: Debunking five emerging market myths
As investors reassess their strategic asset allocations in response to a shifting market regime, it’s a good time to challenge outdated assumptions about emerging markets. Drawing on deep experience, Ninety One’s EM experts tackle five persistent myths and advocate a recalibration of perspectives.
7 minutes
27 May 2025
Deliberating EM debt
Tailwinds and opportunities in EM hard currency debt
A variety of dynamics point to a stronger investment case and good entry point into the asset class.
9 minutes
21 May 2025
EMD Indicator
Emerging Market Debt Indicator – April 2025
Our EM Debt team provides an update across the investment universe and shares the latest outlook and current top-down positioning.
15 minutes
16 May 2025
Emerging markets
A fresh perspective on China
China expert, Joerg Wuttke sits with Alan Siow, Co-head of Emerging Markets Corporate Debt, and shares insights gained over 30 years of living and working in China.
20 minutes
17 Apr 2025
EMD Indicator
Emerging Market Debt Indicator – March 2025
Our EM Debt team provides an update across the investment universe and shares the latest outlook and current top-down positioning.
15 minutes
14 Apr 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
Notes from the road
Emerging markets today: from macro beta to micro alpha
Emerging Markets (EM) are gaining investor confidence, driven by tech innovation, India’s rise, and China’s evolving private sector. With US growth uncertainty and attractive valuations, EM equities offer compelling opportunities despite ongoing risks.
4 minutes
03 Apr 2025
Deliberating EM debt
EM corporate debt: A compelling and complementary asset class
EM corporate debt can bring distinct benefits to portfolios, making it a valuable addition to US high-yield credit allocations.
6 minutes
25 Mar 2025
Notes from the road
How adversity is inspiring innovation in Brazil
High interest rates and uncertainty have created a challenging backdrop for Brazilian companies. But some businesses are using adversity to catalyse innovation.
4 minutes
13 Mar 2025
EMD Indicator
Emerging Market Debt Indicator – February 2025
Our EM Debt team provides an update across the investment universe and shares the latest outlook and current top-down positioning.
15 minutes
12 Mar 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
EMD Indicator
Emerging Market Debt Indicator – January 2025
Our EM Debt team provides an update across the investment universe and shares the latest outlook and current top-down positioning.
15 minutes
17 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
EMD Indicator
Emerging Market Debt Indicator December 2024
Our EM Debt team provides an update across the investment universe and shares the latest outlook and current top-down positioning.
14 minutes
16 Jan 2025
Emerging market outlook
Beyond the headlines: uncovering opportunities in emerging markets
Whether it’s shifting focus from the macro to the micro, or questioning the consensus, investors should look beyond the mainstream spotlight to get the best out of the asset class.
12 minutes
07 Jan 2025
Global outlook
A building global recovery
With the US performing strongly and China showing signs of turning a corner, a global economic recovery is building. There are abundant opportunities for investors, but 2025 requires a new investment playbook. Philip Saunders and Sahil Mahtani explore where the smart capital will be heading – and where the pitfalls lie.
20 minutes
07 Jan 2025
China
Navigating the Year of the Snake
As we look ahead to 2025, the Year of the Snake, we explore the evolving opportunities and challenges in the China market. Our experts discuss how investors can navigate this landscape. From policy shifts and geopolitical developments to equity and fixed-income strategies, they share insights into what the year may hold for the world’s second-largest economy.
7 minutes
07 Jan 2025
EMD Indicator
Emerging Market Debt Indicator November 2024
Our EM Debt team provides an update across the investment universe and shares the latest outlook and current top-down positioning.
12 minutes
11 Dec 2024
Notes from the road
Unblocking Indonesia’s logistics logjam
The high cost of shipping materials and goods around Indonesia – a country comprising more than 17,000 islands – is putting a brake on the development of the e-commerce sector. The largest Indonesian e-commerce player is innovating to break the logistics logjam, and in doing so extend its market leadership.
5 minutes
25 Nov 2024
Sustainable investing
Sovereign sustainability snapshot: Colombia
Colombia is a pioneer in the sustainable bond market, and its progress on nature and biodiversity is encouraging. But broader sustainability performance is mixed, explains Nicolas Jaquier.
4 minutes
25 Nov 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
Deliberating EM Equities
China: Recovery or relapse
China’s equity performance over the past three years has left investors disappointed. However, with the rollout of its most substantial stimulus package in years, it raises the question: should investors reassess their stance on China?
7 minutes
14 Nov 2024
EMD Indicator
Emerging Market Debt Indicator October 2024
Our EM debt team provides an update across the investment universe and shares the latest outlook and current top-down positioning.
12 minutes
13 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
Deliberating EM debt
Introducing Ninety One’s Sovereign Biodiversity Index
Measuring government performance on nature and biodiversity
9 minutes
16 Oct 2024
EMD Indicator
Emerging Market Debt Indicator September 2024
Our EM Debt team provides an update across the investment universe and shares the latest outlook and current top-down positioning.
12 minutes
09 Oct 2024
Emerging Market Corporate Debt
Why now for Emerging Market Corporate Debt?
Five reasons to consider the asset class.
5 minutes
04 Oct 2024
Notes from the road
Notes from the road: Brazil’s corporate credit market
While opportunities abound for investors, Kevan Flynt Salisbury finds that selectivity is increasingly key in this evolving investment landscape.
5 minutes
Updated: 03 Oct 2024
EMD Indicator
Emerging Market Debt Indicator August 2024
Our EM Debt team provides an update across the investment universe and shares the latest outlook and current top-down positioning.
12 minutes
11 Sep 2024
Deliberating EM Equities
EM equities: a decade of transformation
Emerging markets have changed dramatically over the last decade, resulting in a more diverse and higher-quality asset class. The team discusses how this evolution has transformed the investment landscape.
6 minutes
09 Sep 2024
Deliberating EM Equities
EM equities: five factors point to a rebound
Over recent years, the EM equity asset class has seemed to reach a turning point on more than one occasion, only for hopes to be dashed. After several false dawns, this analysis assesses the critical factors that could support EM returns relative to developed markets.
7 minutes
09 Sep 2024
Deliberating EM Equities
India: a powerhouse in the spotlight
India, alongside China, now represents nearly half of the EM equity universe. While structural trends favour Indian equities in the long term, higher equity valuations mean a selective approach is more crucial than ever.
5 minutes
09 Sep 2024
Emerging perspectives
Credit market labels need a refresh
Now more than ever, it is worth revisiting old perceptions and taking a fresh look at the world of emerging market credit.
4 minutes
22 Aug 2024
EMD Indicator
Emerging Market Debt Indicator July 2024
Our EM Debt team provides an update across the investment universe and shares the latest outlook and current top-down positioning.
14 minutes
14 Aug 2024
Hidden GEMS
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.
19 minutes
26 Jul 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
EMD Indicator
Emerging Market Debt Indicator June 2024
Our EM Debt team provides an update across the investment universe and shares the latest outlook and current top-down positioning.
14 minutes
10 Jul 2024
4Factor
China A shares are back
Wenchang Ma and Joanna Yang, Portfolio Managers, sit down to discuss China A shares following a strong start to 2024.
10 minutes
01 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
Notes from the road
Notes from the road: Quality pays in Mexico’s corporate credit market
A research trip to Mexico by analyst Antonio Luiz Gomes highlights favourable dynamics – at home and abroad – that are lifting some of Mexico’s leading companies to create compelling corporate credit investment opportunities.
6 minutes
21 Jun 2024
EMD Indicator
Emerging Market Debt Indicator May 2024
Our EM Debt team provides an update across the investment universe and shares the latest outlook and current top-down positioning.
14 minutes
12 Jun 2024
Notes from the road
Q&A with Varun Laijawalla: eyeing the EM opportunity
We sat down with Ninety One’s co-Portfolio Manager of the Emerging Markets Equity Strategy, Varun Laijawalla, to address some of the recent questions from allocators on how and where to find alpha in emerging markets.
12 minutes
05 Jun 2024
Notes from the road
Notes from the road: Central and Eastern Europe is ripe for relative-value investing
Roger Mark shares insights gained from his recent trip to Central and Eastern Europe, where broad macroeconomic trends appear positive. An increasingly diverse outlook for monetary policy, coupled with country-specific dynamics, creates a rich hunting ground for active investors.
4 minutes
05 Jun 2024
4Factor
Notes from the road: A new phase for China’s property market
China’s primary property sales remained weak through 2023 and into 2024, especially in lower-tier cities. The success of new property stimulus measures, urban village renewal and affordable housing initiatives depends on execution and buyer sentiment. Read the team’s latest views following a recent research trip across China.
15 minutes
03 Jun 2024
Emerging markets
Positioning for India’s expanded role in the EM debt market
Indian government bonds will soon start to be phased into the flagship EM local currency debt index. Mark Evans outlines what this means for the index, the potential impact on Indian debt valuations, and key considerations for active investors over different time horizons.
5 minutes
30 May 2024
Deliberating EM debt
A role for EM sovereign debt after a decade of US high-yield dominance
Typically considered by asset allocators to belong to the same risk bucket as emerging market sovereign debt, the US high-yield market’s relative allure has increased. But the caveat ‘past performance is not a reliable indicator of future returns’ is particularly valid in this case – as the following analysis of valuations, fundamentals and market technical dynamics reveals.
10 minutes
23 May 2024
EMD Indicator
Emerging Market Debt Indicator April 2024
Our EM Debt team provides an update across the investment universe and shares the latest outlook and current top-down positioning.
14 minutes
14 May 2024
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.
Specific risks
Emerging market (inc. China): These markets carry a higher risk of financial loss than more developed markets as they may have less developed legal, political, economic or other systems.
General risks
All investments carry the risk of capital loss. The value of investments, and any income generated from them, can fall as well as rise and will be affected by changes in interest rates, currency fluctuations, general market conditions and other political, social and economic developments, as well as by specific matters relating to the assets in which the investment strategy invests. If any currency differs from the investor’s home currency, returns may increase or decrease as a result of currency fluctuations. Past performance is not a reliable indicator of future results. Environmental, social or governance related risk events or factors, if they occur, could cause a negative impact on the value of investments.
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.