The year of the ballot: a mid-year snapshot

Emerging Markets Transition Debt: hidden strengths in overlooked places

As cracks emerge in the world’s largest private credit market, it’s a good moment to look closely at the private loans in our Emerging Markets Transition Debt (EMTD) portfolio. Using recent case studies, we show how these loans combine attractive yields with meaningful downside protection. 

The overlooked frontier

Amid the global AI buildout, emerging markets credit is quietly powering the infrastructure behind the revolution - offering investors yield with purpose and access to the engines of AI growth.

4 minutes

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.

The year of the ballot

Elections often move markets. This year, eight of the world’s 10 most-populous nations go to the polls in the same year for the first time ever. FX markets are often the best way to express views or hedge positions in and around elections, and FX volatility presents a source of potential alpha. We have produced this piece to help investors navigate this year. The year of the ballot.

Emerging market debt: unlocking the full potential

Shifting asset class behaviour is forcing a rethink of allocation approaches and fuelling demand for greater diversification. In this context, emerging market debt is highly relevant, but implementation is key.

EM debt: the evolution of an asset class

EM debt has become an important component of the global debt market. The transformation has resulted in robust credit quality across a highly diverse opportunity set that’s ripe with alpha-capture potential.

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.

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.

Emerging Market Debt Indicator – January 2026

Our EM Debt team shares its latest outlook and positioning across the investment universe.

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.

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.

From the Middle East to Latin America, opportunities abound

Some areas of this increasingly mature asset class look expensive today. But a bottom-up perspective reveals plenty of opportunities across the globe, with enduring inefficiencies creating compelling value for investors.

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.

Market mispricing persists amid rising resilience

Increasingly relevant and in focus, EM debt has entered a more resilient and mature phase. But market inefficiencies continue to provide ample opportunity.

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.

Africa rising: the next frontier in fixed income

Thanks to favourable growth and demographic trends, Africa’s role on the global economic stage is rising. The region’s fixed income markets have much to offer investors: double-digit yields; strong return drivers; powerful diversification benefits, to name just three. This is a new frontier that is well worth exploring.

Emerging Market Debt Indicator – November 2025

Our EM Debt team shares its latest outlook and positioning across the investment universe.

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.

Emerging Markets Transition Debt: hidden strengths in overlooked places

As cracks emerge in the world’s largest private credit market, it’s a good moment to look closely at the private loans in our Emerging Markets Transition Debt (EMTD) portfolio. Using recent case studies, we show how these loans combine attractive yields with meaningful downside protection. 

The overlooked frontier

Amid the global AI buildout, emerging markets credit is quietly powering the infrastructure behind the revolution - offering investors yield with purpose and access to the engines of AI growth.

4 minutes

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.

The year of the ballot

Elections often move markets. This year, eight of the world’s 10 most-populous nations go to the polls in the same year for the first time ever. FX markets are often the best way to express views or hedge positions in and around elections, and FX volatility presents a source of potential alpha. We have produced this piece to help investors navigate this year. The year of the ballot.

Emerging market debt: unlocking the full potential

Shifting asset class behaviour is forcing a rethink of allocation approaches and fuelling demand for greater diversification. In this context, emerging market debt is highly relevant, but implementation is key.

EM debt: the evolution of an asset class

EM debt has become an important component of the global debt market. The transformation has resulted in robust credit quality across a highly diverse opportunity set that’s ripe with alpha-capture potential.

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.

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.

Emerging Market Debt Indicator – January 2026

Our EM Debt team shares its latest outlook and positioning across the investment universe.

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.

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.

From the Middle East to Latin America, opportunities abound

Some areas of this increasingly mature asset class look expensive today. But a bottom-up perspective reveals plenty of opportunities across the globe, with enduring inefficiencies creating compelling value for investors.

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.

Market mispricing persists amid rising resilience

Increasingly relevant and in focus, EM debt has entered a more resilient and mature phase. But market inefficiencies continue to provide ample opportunity.

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.

Africa rising: the next frontier in fixed income

Thanks to favourable growth and demographic trends, Africa’s role on the global economic stage is rising. The region’s fixed income markets have much to offer investors: double-digit yields; strong return drivers; powerful diversification benefits, to name just three. This is a new frontier that is well worth exploring.

Emerging Market Debt Indicator – November 2025

Our EM Debt team shares its latest outlook and positioning across the investment universe.

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.

Emerging Markets Transition Debt: hidden strengths in overlooked places

As cracks emerge in the world’s largest private credit market, it’s a good moment to look closely at the private loans in our Emerging Markets Transition Debt (EMTD) portfolio. Using recent case studies, we show how these loans combine attractive yields with meaningful downside protection. 

The overlooked frontier

Amid the global AI buildout, emerging markets credit is quietly powering the infrastructure behind the revolution - offering investors yield with purpose and access to the engines of AI growth.

4 minutes

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.

The year of the ballot: a mid-year snapshot

Malcolm Charles

Nicolas Jaquier

Podcast | The year of the ballot : a mid-year snapshot​

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The Big Picture Podcast​

Featuring frequent interviews with our investment professionals and special guests, subscribe to The Big Picture podcast channel on your app of choice to listen on the move or listen below.

Authored by

Malcolm Charles

Portfolio Manager, SA Fixed Income

Nicolas Jaquier

Portfolio Manager

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Emerging market debt: unlocking the full potential

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Emerging Market Debt Indicator – February 2026

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Podcast | The year of the ballot : a mid-year snapshot

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