Global
Notes from the road
Ninety One’s analysts and portfolio managers file investment briefings from all over the world. See the world through their eyes here.
Notes from the road
Visible champions and invisible leaders
A research trip to China has reinforced that the energy transition and intelligent economy are accelerating – and investable
6 minutes
15 May 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
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
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
Notes from the road
Why gold stocks can shine on
The shares of gold miners have been very strong over the past 18 months. But after talking with gold companies at this year’s Mining Forum Americas, I came away confirmed in my view that the outlook for this equity sector remains bright.
3 minutes
29 Sep 2025
Notes from the road
Oil looks fragile, natural gas more buoyant
A visit to US energy companies reveals a cautious mood among oil executives. But the outlook for gas is more bullish.
6 minutes
03 Jul 2025
Notes from the road
Opportunities for investors after mood shift in commodity markets
At commodity conferences in the US, a mood change among industry players was palpable. In the mining sector, the stage is set for a pick-up in mergers and acquisitions. Even in agriculture, attitudes are turning more positive.
5 minutes
15 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
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
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
Global Gold
Notes from the road - Why investors should take heart from a ‘sober’ gold-sector gathering
Gold is at record highs. Yet attendance at the biggest annual gold-industry conference was well below average and the mood was subdued. This says something useful about the mindset in the gold sector – and what investors can expect from here.
5 minutes
14 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
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
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
Notes from the road
Notes from the road: something for everyone in Latin America
Whether it’s the strong structural story of Brazil or the alpha potential from Argentina’s reforming economy, Nicolas Jaquier finds a compelling case for these two contrasting debt markets.
8 minutes
04 Apr 2024
Notes from the road
Notes from the road: Can Value-up nourish the Seoul?
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
Notes from the road: What the US election means for investors in decarbonisation
The US Presidential election is likely to be contested by candidates with starkly different stances on climate. What does the November poll mean for investors in the global decarbonisation opportunity?
8 minutes
19 Mar 2024
Notes from the road
Notes from the road: What hyper-competition means for China clean-tech
Analyst Yunli Liu returns to his home country to see for himself what business conditions are like and try to separate sentiment from fundamentals.
5 minutes
08 Mar 2024
Notes from the road
Notes from the road: Egypt
Thys Louw shares insights gained from a recent trip to Cairo, where various factors appear to be aligning to suggest a brighter future for the Egyptian economy.
4 minutes
21 Feb 2024
Notes from the road
Notes from the road: Africa Private Credit | Top five questions from institutional investors
Ninety One’s PM Kobi Sam recently spent time in the US meeting with allocators and consultants to discuss the dynamics and appeal of investing in Africa. He addresses five most common questions asked during the visit.
7 minutes
01 Feb 2024
Notes from the road
Notes from the road: India gears up for a greater global role
Mark Evans’ latest trip to India confirms a positive and stable economic picture, with impressive growth looking set to continue. With index inclusion imminent, Indian fixed income assets are poised (deservedly) for a bigger role in investors’ portfolios.
5 minutes
20 Nov 2023
Notes from the road
Notes from the road: driving financial inclusion in Brazil
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
Notes from the road
Notes from the road: Real Estate in Central and Eastern Europe
COVID-19 and aggressive interest rate hikes over 2022 have weighed heavily on listed property domestically and abroad. Late in June, Luqman Hamid travelled to Central and Eastern Europe, where some of the SA benchmark heavyweights have made investments. These are his notes from the road.
6 minutes
07 Sep 2023
4Factor
Notes from the road: Macau has finally come back to life
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
Notes from the road: India’s sleeping cat…has become a roaring tiger
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
Emerging perspectives
Notes from the road: scratching beneath the surface
China’s economic recovery has been tepid at best, with macro data weaker than expected. But what’s actually happening on the ground? Mendy Zhang shares some of her observations from her recent visit.
6 minutes
27 Jun 2023
Emerging perspectives
Notes from the road: Israel
On a recent trip to Israel, Michail Diamantopoulos gained comfort over the near-term outlook for fixed income investors and found a nation that is ready to confront its structural challenges.
3 minutes
24 May 2023
Emerging perspectives
Notes from the road: Colombia and Peru
Nicolas Jaquier reports on his recent trip to Colombia and Peru, where political risks are receding and sustainable finance opportunities are emerging.
5 minutes
29 Mar 2023
Emerging perspectives
Notes from the road: Brazil and Mexico
Christine Reed’s recent trip to Brazil and Mexico revealed a deep contrast in local sentiment and highly divergent outlooks.
3 minutes
06 Mar 2023
Emerging perspectives
Notes from the road: Africa
In the wake of a bruising year that took yields and credit spreads to historic highs in Africa’s debt markets, Thys Louw’s recent trip uncovers an increasingly diverse landscape.
7 minutes
20 Feb 2023
Emerging perspectives
Notes from the road: developing ESG trends in Gulf states
Michail reports on various shifts taking place in Gulf Cooperation Council countries and their relevance for emerging market debt investors, following his recent trip to Bahrain, Oman, Saudi Arabia and the UAE.
8 minutes
16 Dec 2022
Emerging markets
Notes from the road: Sri Lanka
With Sri Lanka’s economic woes evolving into both a humanitarian and political crisis, Mark Evans shares insights gained on his recent trip to the country.
4 minutes
06 Apr 2022
China
Notes from the road: Post-COVID China, a decarbonisation investor’s perspective
Life in China continues to be hampered by COVID, but a research trip highlights that some green-economy sectors are looking ahead to healthy sales in the new year.
5 minutes
05 Nov 2021
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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.
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