Emerging Markets Outlook: Has the Asset Class Finally Turned a Corner?

The Wealth Enterprise Briefing · Apr 9, 2026 · 10m

For much of the past 15 years, emerging markets (EM) equities have been a difficult place to invest, marked by significant risk and limited returns relative to U.S. equities. But last year, EM outperformed U.S. equities by its largest margin in years.

In the latest episode of The Wealth Enterprise Briefing, Managing Partner Michael Zeuner and Global Head of Macro Sam Sudame examine whether that shift signals something more durable.

While the conflict with Iran continues to cloud short-term decision-making, they step back to focus on what may be changing structurally in EM and what investors…