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.
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Exploring Opportunities in Emerging Market Debt
Deep dive into emerging market debt with Erin Lefkowitz, Senior Fixed Income Portfolio Manager at Mercer and leaders from Ninety One’s EM Fixed Income platform, Victoria Harling and Peter Kent.
6 Feb 2024
57 minutes
Victoria Harling
Peter Kent
As allocators continue to deliberate how best to access opportunities across emerging markets, we brought together three experts to share their experiences in this asset class and debate the risks and opportunities that lie ahead.
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Emerging market debt - latest insights
Emerging market debt – navigating headwinds, eyeing the horizon
The headwinds facing EM debt today are cyclical and manageable, with mispricing and divergence across countries creating a fertile hunting ground for active investors. Crucially, the strength of structural tailwinds behind the asset class is undiminished.
Emerging Market Debt Indicator - July 2026
Our EM Debt team shares its latest outlook and positioning across the investment universe.
A prolonged El Niño could complicate the path back to lower inflation
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.
Lessons from Latin America’s elections extend far beyond the ballot
Recent election results point to a political pivot with positive implications for debt markets. Dynamics in this key region are reflective of broader shifts across the maturing EM debt market.
Emerging Market Debt Indicator – June 2026
Our EM Debt team shares its latest outlook and positioning across the investment universe.
The bull case for emerging markets just got stronger
As global investors reassess their allocations, emerging markets are entering the second half of the year from a position of genuine strength.
Emerging Market Debt Indicator – May 2026
Our EM Debt team shares its latest outlook and positioning across the investment universe.
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.
Emerging Market Debt Indicator – April 2026
Our EM Debt team shares its latest outlook and positioning across the investment universe.
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.
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.
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.
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.
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.
Emerging Market Debt Indicator – January 2026
Our EM Debt team shares its latest outlook and positioning across the investment universe.
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.
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.
Emerging Market Debt Indicator – December 2025
Our EM Debt team shares its latest outlook and positioning across the investment universe.
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.
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.
Deliberating EM debt
In this series of articles, our EM debt team tackles the topics that are top of investors’ minds and provide insights for asset allocators currently deliberating EM debt.
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