Portfolio Perspectives
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Emerging-market (EM) debt has often been viewed through a lens of skepticism, largely due to its historical volatility and susceptibility to global economic shocks. However, recent trends suggest a fundamental shift in this narrative. By examining three key themes, we can better understand why emerging markets are becoming less vulnerable and more attractive to investors, particularly in the context of corporate fundamentals and the global green transition.
The outlook for commercial real estate in both the US and Europe presents a mix of challenges and opportunities.
In July 2024, 5.5 million passengers boarded aircraft in Australia, up more than 3% on the previous year. Over the past 50 years, commercial aviation traffic has grown at approximately 1.7x global GDP, and despite the demand shocks of 9/11, the global financial crisis (GFC), SARS and COVID, the aviation industry has proved surprisingly resilient. It is a resilience that has played out in the form of consistent and reliable investment returns for investors.
There’s more to AI than the US tech giants. Equity investors can find overlooked opportunities in emerging market companies.
Governance issues have long been a source of concern in emerging markets investing, but over the past decade, a persistent focus on capital management, disclosures and shareholder friendly policies in Japan have created a blueprint that Korea is now trying to emulate. Can the Korean market emulate Japan’s success? And who’s next?
The disruption and dislocation caused by Covid-19 taught us many lessons. Perhaps one of the most enduring lessons for global businesses was the fragility of their supply chains – many of which were at the mercy of one supplier and one market. Now companies are looking to future proof their operations, and well-positioned emerging markets outside China are set to benefit.
Since the end of the global pandemic, rising oil prices have seen the Middle East region flooded with cash. From a low of around $11 a barrel in 2020, to its peak at over $120 a barrel in 2022 – demand for oil has bolstered the wealth of some of the world’s already largest sovereign wealth funds.
Q&A with Sammy Suzuki, Head of Emerging Market Equities, who discusses the outlook for an asset class that has struggled to overcome a decade of disappointment.