A perspective on emerging markets with Bruno Vanier (Gemway Assets)
7 APR, 2026
Emerging markets are gradually returning to the center of attention of international investors, after years of underperformance and reduced positions. The evolution of monetary policies, the possible weakening of the dollar and the rebalancing of global flows are creating a more favorable, but also more selective context.
In this interview Bruno Vanier, Managing Partner of Gemway Asset Management and manager of the Gem Equity, Gem Asia and Gem China funds, analyzes the main dynamics that are driving this transition phase. With an approach focused on emerging equity, Vanier offers an in-depth reading of the macro drivers and the implications for corporate earnings, and also relevant operational indications for managers: from the evolution of rate cycles in the main.
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- 00:29 - Many emerging economies, such as India, Mexico or Poland, have entered a cycle of interest rate reduction. Historically this has supported growth equity, credit and consumption. How will this cycle translate into earnings growth and stock performance?
- 02:56 - With expectations of a weaker US dollar in the coming years, how significant could the tailwind of currencies be for emerging market assets, especially considering the current undervaluation of several Asian currencies such as the Chinese yuan or the Indian rupee?
- 07:40 - After years of underweight, international investors are returning to emerging markets. Are we at the beginning of a structural repositioning? And if so, which regions or sectors could benefit most from these renewed flows?
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- 11:07 - Do geopolitical tensions, particularly in the Middle East and around the Strait of Hormuz, represent a significant risk for emerging economies? And how do you assess these risks for emerging economies, many of which are sensitive to commodity prices and trade?
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- 13:52 - Given this combination of favorable macroeconomic factors such as strong GDP in Asia (excluding Japan), still compressed valuations and improving earnings prospects, along with geopolitical uncertainties, where do you currently see the most interesting opportunities for investors in emerging markets?
