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Can Latin American Equities Continue Outperforming?

Yes. We believe Latin America (LatAm) will benefit from today’s shifting market dynamics, supporting its outperformance over broader emerging markets (EM) stocks. LatAm equity and currency valuations are deeply discounted and the region is relatively insulated from trade and geopolitical tensions—especially compared to Asia. We recommend investors adopt a modest overweight to LatAm equities, funded […]

July 2025

Navigating the AI Revolution: Unlocking Productivity with AI Investment

Economic activity is fundamentally driven by the size of the labor force and the productivity of that labor. With working-age populations expected to stagnate or decline in many countries due to falling birth rates, future economic growth will increasingly depend on productivity improvements rather than workforce expansion. Yet, recent years have seen disappointing productivity gains, raising […]

July 2025

Market Response to US-Iran Escalation Limited So Far

Last weekend, the United States conducted airstrikes on three of Iran’s principal nuclear facilities—Fordow, Natanz, and Isfahan. This marked a further escalation in Middle East tensions, which had already intensified after Israel began airstrikes on Iran on June 13. In response, Iran has now directly targeted US interests, launching missiles at US bases in Iraq […]

June 2025

EM Equity Performance Reflects Initial Tariff Risks

Emerging markets (EM) economies were among the hardest hit as part of US President Donald Trump’s sweeping reciprocal tariff announcement. This was because EM countries tend to run trade surpluses with the United States and the administration’s tariff methodology ostensibly focused on bilateral trade deficits. While trade negotiations may ultimately result in a less draconian […]

May 2025

Asia Insights: Managing Risk Through Diversification

Introduction Aaron Costello, Head of Asia, and Vivian Gan, Investment Director, Capital Markets Research Asian and global market volatility surged in early 2025 as US tariffs triggered global growth fears. Given the export-oriented nature of most Asian economies and their sensitivity to global growth and demand, the region may bear the brunt of US tariffs. […]

April 2025

US Policy Changes Highlight Need for Portfolio Diversification

After a prolonged period of US outperformance, many investment portfolios have become heavily concentrated in US equities, particularly tech stocks. They are also significantly exposed to the US dollar across public, private, and alternative assets. Recent policy shifts now challenge US economic and financial hegemony, increasing the risk to equity and currency outperformance. Investors should […]

April 2025

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