16 Sept 2025
16 minutes
Archie Hart, Co-Portfolio Manager of the Emerging Equities strategy, shares how a disciplined, risk-aware investment framework, anchored in bottom-up stock selection, helps shape resilient emerging market portfolios. In conversation with Jen Ford, Investment Director, he explains why staying style-agnostic enables him to focus on what he can control: thoughtful stock selection. Together, they also reflect on how the opportunity set in emerging markets has evolved over the past three decades, creating new avenues for active equity investors.
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.
Specific risks. Geographic / Sector: Investments may be primarily concentrated in specific countries, geographical regions and/or industry sectors. This may mean that, in certain market conditions, the value of the portfolio may decrease whilst more broadly-invested portfolios might grow. Currency exchange: Changes in the relative values of different currencies may adversely affect the value of investments and any related income. Equity investment: The value of equities (e.g. shares) and equity-related investments may vary according to company profits and future prospects as well as more general market factors. In the event of a company default (e.g. insolvency), the owners of their equity rank last in terms of any financial payment from that company. 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.
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.
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.
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.
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.
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.
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.
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 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.
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.
A core strategy seeking to generate alpha across emerging market cycles
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.
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.
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.
High interest rates and uncertainty have created a challenging backdrop for Brazilian companies. But some businesses are using adversity to catalyse innovation.
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.
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.
Market and portfolio insights, webinars & events curated from across our investment teams to help you steer through changing investment landscapes.
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