Investing in Emerging Markets

UBS maintains an Attractive stance on Emerging Market equities and bonds, citing their role as providers of essential real assets and AI technology in a fragmenting multipolar world. However, tactical adjustments include downgrading Brazil equities and turning neutral on EM carry currencies due to political and inflationary risks.

Key Takeaways

• 1.Global geopolitics is shifting from a unipolar integrated order to a fragmented multipolar environment, prioritizing resilience over efficiency.
• 2.Emerging markets are positioned as key providers of critical real assets like energy, metals, and food that the world needs for economic security.
• 3.Concentration in North Asian tech (TSMC, Samsung, SK Hynix) now dominates the MSCI EM index, accounting for over 27% of its weight.

Table of Contents

• Editorial
• Global investment views
• Romania
• Peru
• Equities
• USD bonds strategy
• Currencies
• Emerging market asset snapshot
• Emerging markets publications

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