• Steve Holden
• January 7, 2026
• Emerging Markets
• 0 Comments

China allocations have recovered from the lows, but momentum has stalled—masking active shifts beneath the surface.

• Steve Holden
• December 17, 2025
• Emerging Markets
• 0 Comments

China allocations have recovered from the lows, but momentum has stalled—masking active shifts beneath the surface.

• Steve Holden
• December 14, 2025
• Emerging Markets
• 0 Comments

China allocations have recovered from the lows, but momentum has stalled—masking active shifts beneath the surface.

• Steve Holden
• November 24, 2025
• Emerging Markets
• 0 Comments

China allocations have recovered from the lows, but momentum has stalled—masking active shifts beneath the surface.

• Steve Holden
• October 26, 2025
• Emerging Markets
• 0 Comments

  Emerging Markets Fund Performance & Attribution, Q3 2025 Active Global Emerging Market funds are delivering strong absolute performance in 2025, with average returns of 26.0% year-to-date – on track for their best calendar year since 2017. This strength is somewhat overshadowed by the benchmark’s 27.8% gain, translating to underperformance of -1.8% on average. Just under 40% of active EM …

• Steve Holden
• September 22, 2025
• Emerging Markets
• 0 Comments

  The Big Picture:  Emerging Markets Fund Positioning Update In this report, we take a deep dive into active EM fund positioning — across regions, sub-regions, countries, sectors, and stocks — highlighting the key dynamics shaping capital allocation in emerging markets. We begin with headline positioning trends across major regions and sub-regions, before examining the five core areas of EM …

• Steve Holden
• August 25, 2025
• Emerging Markets
• 0 Comments

338 GEM Equity Funds, AUM $450bn HDFC Bank Limited Record Ownership and Dominance Among EM Financials HDFC Bank has cemented its role as the dominant emerging market bank holding, with ownership at a record 71% of EM funds — the highest in our 17-year history. Broad-based inflows and strong conviction from Growth managers have reinforced its status, while the post-merger …

• Steve Holden
• July 28, 2025
• Emerging Markets
• 0 Comments

339 emerging market Funds, AUM $444bn Active GEM Funds: Positioning Analysis, July 2025   Regional Trends South Korea: Rebounding as Underweight Narrows Reversal in Progress: Indonesian Financials Lose Their Shine   Stock Analysis Alibaba Group Holdings: Back Towards the Highs Ambev SA: Establishing a Base AngloGold Ashanti Limited: Building on Momentum Zomato Ltd: Hitting a Plateau Turkcell Iletisim: Back on …

• Steve Holden
• July 16, 2025
• Emerging Markets
• 0 Comments

339 emerging market Funds, AUM $440bn GEM Funds: Performance & Attribution Analysis, H1 2025   Headline returns: Active GEM funds returned an average of 14.7% in H1 2025, slightly behind the 15.6% return from the iShares MSCI EM ETF. 42.3% of active funds outperformed the benchmark. Value led the way: 84.9% of Value funds beat the benchmark with an average …

• Steve Holden
• June 18, 2025
• Emerging Markets
• 0 Comments

340 emerging market Funds, AUM $420bn Active GEM Funds: Positioning Analysis, June 2025   LATAM:  The Conviction Overweight in a Benchmark-Driven World In this analysis, we review Latin America’s position within EM portfolios, where 85% of funds remain overweight relative to the MSCI EM benchmark. Allocations have eased from early-2024 highs but remain well above post-2020 lows. At the country …