KEY FINDINGS INCLUDE

• A weaker US Dollar, stable oil prices, and dovish fiscal policy in China and Europe provides a positive back drop for Emerging Markets
• Companies in China and India are driving innovation, benefiting from consumption-led growth across Emerging Markets and beyond
• Latin American equity and bonds, supported by attractive valuations, stand to benefit from United States strategic retrenchment
• Chile’s landmark pension reform signals political consensus around the importance of growth
• Pedestrian index returns over the past 15 years underline the importance of investing actively in these markets

On Thursday 5 June, Aubrey Capital Management (“Aubrey”) and LarrainVial hosted a high-level investment seminar in London, bringing together investment professionals, economists, policymakers and clients to examine how shifting global power dynamics are reshaping the investment opportunity in Emerging Markets.

The event, Navigating Shifting Narratives in Emerging Markets, featured presentations from Louis-Vincent Gave, Co-Founder and CEO of Gavekal, John Ewart, Investment Manager (Aubrey), Camila Guzmán, Portfolio Manager (LarrainVial Asset Management), and former Chilean Finance Minister, Ignacio Briones. The speakers were joined in discussions by Aubrey’s Founder and Investment Manager, Andrew Dalrymple, and Fernando Larraín C., President of LarrainVial. Anna Macdonald, Head of Private Clients at Aubrey, moderated the seminar.

Louis-Vincent Gave opened the event by framing 2025 as a year of global inflection, reflecting on the rise of “Fortress America”. John Ewart provided a company-level view of the opportunities in Emerging Markets, focusing on Asia. He emphasised the growth of domestic consumption in countries like India and China and presented several examples of world-class businesses in areas such as electric vehicles, e-commerce and fintech. Camila Guzmán offered a strong case for Latin American Equities, describing the region as “under-owned, undervalued, and under-touched.” Former Chilean Finance Minister Ignacio Briones gave a detailed presentation on Chile’s recent pension reform, which was passed earlier this year after more than a decade of political debate.

The seminar took place in the historic Livery Hall of the City of London’s Guildhall, and was attended by over 130 people representing financial institutions, pension funds, wealth managers, intermediaries and consultants, who braved the London weather. Representatives from the UK and Chilean governments were also present, led by Lord Roger Liddle, the United Kingdom’s Trade Envoy for the Andean region, and Her Excellency Ximena Fuentes, Ambassador of Chile to the United Kingdom.