Andrew Miller, CIO-Emerging Markets Equities, provides an outlook for emerging markets including what the unprecedented number of elections in 2024 means for emerging markets investors, current portfolio positioning and where we see opportunities going forward.
The EM recovery has been propelled by a combination of secular and cyclical earnings growth drivers, with investors attracted by the persistent valuation discount.
Despite the relative outperformance of non-US markets compared to the US market in 2025, we continue to see differentiated and compelling opportunities outside of the US.
For decades, U.S Treasuries have been the cornerstone of fixed income portfolios, serving as the global benchmark for safety and liquidity.
Global equity markets have risen strongly year-to-date, extending a rally that has seen the MSCI World Index reach multiple new highs.
Despite recent market strength, we believe compelling opportunities exist in defensive segments with attractive valuations and resilient long-term return potential.
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