Q&A with Varun Laijawalla: eyeing the EM opportunity

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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?

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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?

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.

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.

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.

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.

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.

Varun Laijawalla

Q Given the strong run in Indian equities, do valuations still stack up?

Q The UAE is experiencing tremendous growth – how do you see that playing out?

Q Who stands to benefit from the relocation of global supply chains?

Authored by

Varun Laijawalla

More Notes from the road

Hidden GEMs: An EM debt investor’s navigation guide to 2026

Senegal’s journey from setbacks to stability

Why gold stocks can shine on

Oil looks fragile, natural gas more buoyant

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