Insights
Quarterly perspectivesEmerging market equities: Venezuela, valuations, and volatility
Our equities expert Devan Kaloo joins Host Tom Harvey to discuss what drove emerging markets’ strong year and the key risks for investors in 2026.
Authors
Devan Kaloo
Global Head of Equities
Tom Harvey
Senior Equity Specialist
Duration: 15 Mins
Date: Jan 20, 2026
“What a fantastic year for emerging markets. It’s the best year since 2017… emerging markets would have outperformed NASDAQ by 12% and the S&P 500 by more than 14–15%.”
Despite a year marked by geopolitical unease, emerging market (EM) equities delivered their strongest performance since 2017 – defying expectations and outpacing both the NASDAQ and the S&P 500.
Turn-in to learn more as this was the central theme in our latest Quarterly Perspectives podcast, where Host Tom Harvey spoke with Global Head of Equities Devan Kaloo about a year that surprised even the long‑tenured EM specialists.
Tune-in to listen to our Quarterly Perspectives episodes on Apple Podcasts, Buzzsprout, and Spotify.
Important information
Projections are offered as opinion and are not reflective of potential performance. Projections are not guaranteed and actual events or results may differ materially.
Foreign securities are more volatile, harder to price and less liquid than U.S. securities. They are subject to different accounting and regulatory standards, and political and economic risks. These risks are enhanced in emerging markets countries.
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