EM vs S&P 500: ~11% since war
Since the eve of the Middle East war, the EM index has performed approximately in line with the S&P 500 at about 11%, while outperforming the MSCI World index.
Snapshot · Excess Returns
Finding Quality Growth in Emerging Markets with Ian Smith
Explore episode
Jun 22, 2026
Where this was said
Why emerging markets are not one market
At 6:46 · chapter starts 4:10
Ian Smith explains why EM is not a homogeneous trade, covering the two distinct opportunity sets — AI supply chain leaders and domestic consumption S-curves — and notes EM's cheap valuation vs MSCI World. [1] — Ian Smith "Emerging markets span vastly different income levels, growth drivers, and political risks. Korea and Taiwan are high-income AI supply chain…" 02:30
EM cheap vs. MSCI World historically
Despite recent outperformance, EM valuations relative to MSCI World remain about as cheap as they have been historically.
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