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2 minutes to read by  RBC Emerging Markets Equity team Jan 16, 2026

We are pleased to share our RBC Emerging Markets Equity Outlook for 2026

2025 was a notable year for global markets, marked by a leadership reversal away from the U.S. to international equity and currency markets. In particular, EM equities have performed well, and in this year’s report, our EM Equity team explores the potential for this trend to continue.

Key topics for this year include:

  • Macroeconomics, geopolitics, valuations, earnings, styles, sectors, and themes: we have found that focusing on the extremes makes sense in terms of top-down factors, as it can often be a powerful indicator of future performance and can help us mitigate cyclical risks.

  • Developments within our five portfolio themes: these help up position our portfolio in areas of long-term structural growth, which we feel is particularly important in an environment of heightened geopolitical and trade uncertainty. Importantly, our detailed research helps us identify the most attractive ways to play each theme from an investment standpoint, and we report on the changes made in 2025.

  • A deep dive on key markets across our asset class, including China, India, Southeast Asia, and Latin America, where we are seeing diverse opportunities:

    • We continue to view India as one of the most compelling long-term stories in EM. The country offers superior growth prospects given its attractive demographics, and low urbanisation and penetration rates across many areas, while from a bottom-up perspective the quality of corporates in the country really stands out. 

    • We also identify attractive opportunities across other Asian as well as Middle Eastern economies, driven by accelerating government reforms. Meanwhile, after a challenging political environment, the outlook for Latin America is improving given upcoming elections, high real rates, positive sensitivity to a weaker USD, and attractive equity valuations.

  • Sectors and styles where we identify opportunities and extremes: in particular, we see Quality stocks and sectors as looking attractive.

For our full report, please contact RBCGAM-USMarketingTeam@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), and 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., 2026
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