Emerging Markets Equity
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.
8 minutes
10 Sep 2026
Emerging Markets Equity
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.
6 minutes
25 Aug 2026
Emerging markets
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
Deliberating 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
Investment Institute
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
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
All China Equity
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
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 Markets Equity
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
Investment Institute
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 Equities
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
A new cycle reshaping global equity leadership.
20 minutes
04 Nov 2025
Deliberating 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
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
Deliberating EM 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
Sustainability
The energy transition has not reversed, it is just taking a different path to the one we expected. Developed markets are going more slowly, but emerging markets are surprising dramatically to the upside.
3 minutes
09 Jul 2025
Deliberating EM Equities
A core strategy seeking to generate alpha across emerging market cycles
5 minutes
02 Jul 2025
Talking tariffs
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 (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
Hidden GEMS
Anton du Plooy, Global Tech Sector Analyst, discusses how DeepSeek's artificial intelligence (AI) breakthrough is challenging U.S. dominance, bypassing restrictions and reshaping global AI investment and geopolitics.
3 minutes
19 Mar 2025
Notes from the road
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
Talking tariffs
Tariffs are reshaping market dynamics—where are the opportunities for emerging market equity investors? Portfolio manager Varun Laijawalla explores the risks, the mispricings, and the strategies for navigating uncertainty.
5 minutes
10 Mar 2025
Notes from the road
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
Deliberating EM Equities
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
US election 2024
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 Equities
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
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, 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
Hidden GEMS
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
Notes from the road
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
4Factor
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
Hidden GEMS
MercadoLibre’s success in capturing the digital inclusion structural growth opportunity in Latin America makes it a hidden gem according to Emerging Markets Sustainable Equities Portfolio Manager Juliana Hansveden and Analyst Eduardo Gomes.
3 minutes
26 Mar 2024
Notes from the road
Most companies are adopting a wait-and-see approach as the government considers measures to incentivise improved shareholder returns through its ‘Corporate Value-up’ programme.
4 minutes
22 Mar 2024
Notes from the road
Lack of access to the financial system limits the life chances of many people in the emerging world, and economic development more broadly. For a select group of companies, enabling financial inclusion is both a structural-growth tailwind and an impact opportunity.
3 minutes
09 Nov 2023
4Factor
Macau was devastated by the pandemic, with a lack of visitors decimating its gaming revenues. Investor sentiment took a similar dive, but things appear to be improving. Joanna Yang visited the region to find out more.
5 minutes
04 Sep 2023
4Factor
A recent visit to India confirmed that the country is in a good place; the economy is strong, concrete is being poured and sentiment is generally upbeat. It occurred to us that India might be following China’s growth trajectory.
16 minutes
01 Sep 2023
Sustainable investing
Juliana Hansveden and Yuxin Lin from the Sustainable Equity team recently travelled to China and Korea to meet existing and prospective portfolio companies. They discuss the insights gained from the trip and detail how they’re capturing the structural growth opportunities.
11 minutes
11 Jul 2023
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.
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.
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.
Overlapping pressures across agriculture, fertiliser and energy markets could create fresh inflationary risks this year, with wide ranging implications for commodity markets, monetary policy and emerging market assets.
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.
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.
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.
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.
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.
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 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.
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.
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.
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.
A new cycle reshaping global equity leadership.
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.
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.
Emerging markets are building the backbone of the AI revolution, offering long-term investors a compelling way in.
Our research offers three reasons why the dollar’s upside is limited, while the balance of risks increasingly point lower.
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.
1 Source: Population and GDP breakdown are from the IMF and Equity ownership is based on allocations tracked by Broadridge (as at Q3 2024).
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