Resetting the narrative on emerging market equities

Get to know 4Factor Emerging Markets Equity

A core strategy seeking to generate alpha across emerging market cycles

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.

Beyond the headlines: uncovering opportunities in emerging markets

Whether it’s shifting focus from the macro to the micro, or questioning the consensus, investors should look beyond the mainstream spotlight to get the best out of the asset class.

Why it pays to be active in 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.

Navigating the Year of the Horse

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.

Nearer the start of a multi-year cycle

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.

A once-in-a-generation opportunity

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 Secret Seven: Undervalued firms at the heart of AI infrastructure

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.

Hidden GEMs: Emerging markets are poised to reshape the investment landscape

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.

Emerging market’s net issuance drag is easing

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.

EM ex-China: opening doors to different opportunities

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.

The great rebalancing

A new cycle reshaping global equity leadership.

Harnessing risk and unlocking opportunity in 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.

Hidden GEMs: How emerging markets are rewriting the volatility playbook

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.

Meet the AI makers

Emerging markets are building the backbone of the AI revolution, offering long-term investors a compelling way in.

4 minutes

The shrinking upside in the dollar story

Our research offers three reasons why the dollar’s upside is limited, while the balance of risks increasingly point lower.

The unstoppable dollar meets the immovable Mr Trump

Dollar cycles are longer than others because four self-reinforcing forces create inertia. They rarely reverse unless all four turn at once. Trump-era policies, fiscal strain and shifting global capital could trigger such a convergence.

Beyond the one-way trade

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.

Net-zero investing: searching for returns and real-world change

Shifting from reducing financed emissions to financing reduced emissions. Using practical examples, this paper sets out how we can evolve the approach to net-zero investing to achieve the dual objectives of delivering decarbonisation in the real economy while optimising returns for clients and beneficiaries.

Get to know 4Factor Emerging Markets Equity

A core strategy seeking to generate alpha across emerging market cycles

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.

Beyond the headlines: uncovering opportunities in emerging markets

Whether it’s shifting focus from the macro to the micro, or questioning the consensus, investors should look beyond the mainstream spotlight to get the best out of the asset class.

Why it pays to be active in 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.

Navigating the Year of the Horse

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.

Nearer the start of a multi-year cycle

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.

A once-in-a-generation opportunity

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 Secret Seven: Undervalued firms at the heart of AI infrastructure

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.

Hidden GEMs: Emerging markets are poised to reshape the investment landscape

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.

Emerging market’s net issuance drag is easing

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.

EM ex-China: opening doors to different opportunities

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.

The great rebalancing

A new cycle reshaping global equity leadership.

Harnessing risk and unlocking opportunity in 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.

Hidden GEMs: How emerging markets are rewriting the volatility playbook

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.

Meet the AI makers

Emerging markets are building the backbone of the AI revolution, offering long-term investors a compelling way in.

4 minutes

The shrinking upside in the dollar story

Our research offers three reasons why the dollar’s upside is limited, while the balance of risks increasingly point lower.

The unstoppable dollar meets the immovable Mr Trump

Dollar cycles are longer than others because four self-reinforcing forces create inertia. They rarely reverse unless all four turn at once. Trump-era policies, fiscal strain and shifting global capital could trigger such a convergence.

Beyond the one-way trade

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.

Net-zero investing: searching for returns and real-world change

Shifting from reducing financed emissions to financing reduced emissions. Using practical examples, this paper sets out how we can evolve the approach to net-zero investing to achieve the dual objectives of delivering decarbonisation in the real economy while optimising returns for clients and beneficiaries.

Get to know 4Factor Emerging Markets Equity

A core strategy seeking to generate alpha across emerging market cycles

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.

Beyond the headlines: uncovering opportunities in emerging markets

Whether it’s shifting focus from the macro to the micro, or questioning the consensus, investors should look beyond the mainstream spotlight to get the best out of the asset class.

Resetting the narrative on 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.

Jen Ford

Archie Hart

Authored by

Jen Ford

Portfolio Specialist

Archie Hart

Portfolio Manager, Emerging Markets Equities

More on EM equities

Why it pays to be active in EM equities

Navigating the Year of the Horse

Nearer the start of a multi-year cycle

A once-in-a-generation opportunity

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