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EM Equity Outlook Report 2025

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2 minutes to read by  RBC Emerging Markets Equity team Jan 13, 2025

We share a summary of our Emerging Markets Equity Outlook for 2025.

In this year’s report, we reflect on key developments across emerging markets (“EM”) equities and set out our thinking for the environment ahead. We cover a range of topics, including macroeconomics, valuations, earnings, styles, themes and ESG reforms, and also address the questions that have been top of mind for our clients. Over the years, we have found that focusing on the extremes makes most sense in terms of top-down factors, as it can often be a powerful indicator of future performance.

2024 has been an eventful year for EM equities, and potentially a turning point where the headwinds of recent years are now reversing into opportunities for the asset class. It has also been a record year on the political front, with over half of the world’s population across more than 60 countries heading to the polls. Within the report, we reflect on the key elections and share our thoughts on any potential implications.

We also review developments within our five portfolio themes. These themes help up position our portfolios in areas of long-term structural growth, which we feel is particularly important in an era of rising geopolitical and macroeconomic uncertainty. Our detailed research helps us identify the most attractive ways to play each theme from an investment perspective, and we report on the updates we have made during the year.

After a period of substantial weakness, China’s performance has started to pick up, and we believe there is potential for further upside in 2025. This year we provide a deep dive on our outlook for the country, exploring both short- and long-term drivers for the economy and equity markets.

We focus in on other key EMs as well, notably India, Latin America and Southeast Asia, where we are seeing interesting developments as a result of global supply chain shifts. We also review sectors, including putting a spotlight on technology and consumer, where we identify extremes.

For our full report, please contact RBCGAMUSContact@rbc.com.

Disclosure
This material is provided by RBC Global Asset Management (RBC GAM) for informational purposes only and may not be reproduced, distributed or published without the written consent of RBC GAM or its affiliated entities listed herein. This material does not constitute an offer or a solicitation to buy or to sell any security, product or service in any jurisdiction; nor is it intended to provide investment, financial, legal, accounting, tax, or other advice and such information should not be relied or acted upon for providing such advice. This material is not available for distribution to investors in jurisdictions where such distribution would be prohibited.

RBC GAM is the asset management division of Royal Bank of Canada (RBC) which includes RBC Global Asset Management Inc. (RBC GAM Inc.), RBC Global Asset Management (U.S.) Inc. (RBC GAM-US), RBC Global Asset Management (UK) Limited (RBC GAM-UK), RBC Global Asset Management (Asia) Limited (RBC GAM-Asia), which are separate, but affiliated subsidiaries of RBC.

In Canada, this material is provided by RBC GAM Inc. (including PH&N Institutional), each of which is regulated by each provincial and territorial securities commission with which it is registered. In the United States, this material is provided by RBC GAM-US, a federally registered investment adviser. In Europe this material is provided by RBC GAM-UK, which is authorised and regulated by the UK Financial Conduct Authority. In Asia, this material is provided by RBC GAM-Asia, which is registered with the Securities and Futures Commission (SFC) in Hong Kong.

Additional information about RBC GAM may be found at www.rbcgam.com.

This material has not been reviewed by, and is not registered with any securities or other regulatory authority, and may, where appropriate and permissible, be distributed by the above-listed entities in their respective jurisdictions.

Any investment and economic outlook information contained in this material has been compiled by RBC GAM from various sources. Information obtained from third parties is believed to be reliable, but no representation or warranty, express or implied, is made by RBC GAM, its affiliates or any other person as to its accuracy, completeness or correctness. RBC GAM and its affiliates assume no responsibility for any errors or omissions in such information.

Opinions contained herein reflect the judgment and thought leadership of RBC GAM and are subject to change at any time. Such opinions are for informational purposes only and are not intended to be investment or financial advice and should not be relied or acted upon for providing such advice. RBC GAM does not undertake any obligation or responsibility to update such opinions.

RBC GAM reserves the right at any time and without notice to change, amend or cease publication of this information.

Past performance is not indicative of future results. With all investments there is a risk of loss of all or a portion of the amount invested. Where return estimates are shown, these are provided for illustrative purposes only and should not be construed as a prediction of returns; actual returns may be higher or lower than those shown and may vary substantially, especially over shorter time periods. It is not possible to invest directly in an index.

Some of the statements contained in this material may be considered forward-looking statements which provide current expectations or forecasts of future results or events. Forward-looking statements are not guarantees of future performance or events and involve risks and uncertainties. Do not place undue reliance on these statements because actual results or events may differ materially from those described in such forward-looking statements as a result of various factors. Before making any investment decisions, we encourage you to consider all relevant factors carefully.

® / TM Trademark(s) of Royal Bank of Canada. Used under licence.

© RBC Global Asset Management Inc., 2025
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