It has been another strong year for EM equities, which has left many investors pondering where exactly we are in this cycle. Archie Hart and Varun Laijawalla explain why there is scope to capture a re-rating that they believe has considerable upside from here.

The headwinds facing EM debt today are cyclical and manageable, with mispricing and divergence across countries creating a fertile hunting ground for active investors.

A shrinking supply of shares has flattered US equity returns for years. The AI issuance boom is putting that into reverse.