EM underperformed US for 15+ years
Emerging market equities were broadly in the doldrums from 2010 until very recently, representing over 15 years of underperformance relative to US stocks.
Snapshot · Excess Returns
Finding Quality Growth in Emerging Markets with Ian Smith
Explore episode
Jun 22, 2026
Where this was said
Intro
At 2:30 · chapter starts 0:00
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 tech = 40%+ of index
Technology now represents over 40% of the MSCI Emerging Markets index, making AI capex the dominant driver of EM performance.
EM Is Not One Trade — It's Many Markets
Emerging markets span vastly different income levels, growth drivers, and political risks. Korea and Taiwan are high-income AI supply chain plays; India is a domestic demand story; LATAM sits in between. Lumping them together misses the opportunity.
The Two Sides of EM Opportunity
EM offers two distinct opportunity sets: world-leading companies embedded in structural trends like the AI supply chain, defense, and power equipment; and domestic demand plays in underpenetrated markets riding S-shaped consumption curves.
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