Quarterly Letter
10 min read | Over the last several months, industry pundits have been hyper-focused on a handful of topics: the effects of a Trump presidency on trade relations and tariff policies, the economic situation in China, the continued dominance of the ‘Magnificent 7’ stocks, and the related “US exceptionalism” narrative. In nearly all these conversations, emerging markets have been assigned a “murky at best” outlook. However, a closer look reveals that valuations, profitability, and earnings growth are quite attractive across many emerging market countries; EM is poised to “trump” tariff threats.
