South America lit up by city lights.
By Felipe Gomez Bridge, Gustavo Medeiros, Ben Underhill
The Emerging View

Latin American Equities

LatAm was EM's worst performer in 2024, but is rebounding sharply in 2025. Colombia leads YTD gains at 49%, followed by Mexico, Chile, Brazil, and Peru. With elections ahead and market-friendly shifts likely, investors see a cyclical opportunity.

Subscribe to our insights

Subscribe and get notified as soon as we publish our content

The latest insights from our categories

Different colored percentage symbols race against each other on a track.
Weekly investor research

EM leads the H1 2025 race as equities climb another ‘wall of worry’

EM assets outperformed on weaker USD. Equities shrugged off global risks. China data mixed; Malaysia CPI soft. Colombia downgraded; Mexico revised GDP up. Brazil fiscal woes linger. Chile polarised. E. Europe defence spend challenge. MENA mostly positive.
Beautiful ocean sunset, with golden sky, dark blue sea and silhouette of ship, oil tanker on the horizon.
Weekly investor research

Markets remain calm after US strikes on Iran’s nuclear sites

US bombed Iranian nuclear sites; low oil disruption risk priced. US data weakens; Fed sees 2 cuts in 2025. China to scrap most Africa tariffs. Thai coalition splits. Brazil hikes to 15%. Colombia ups 2025 borrowing. Ghana gets Fitch upgrade.
Dascht e Lut, Wüste, IranDasht-e Lut Iran, colored mountains Unesco world heritage site
Weekly investor research

Geopolitical risks spike again

Israel attacked Iran’s nuclear sites, lifting oil prices but not the dollar. US eyes easing China trade curbs for rare earths. EM debt saw $3.8bn inflows. Strong data from China, Korea. Loans for South Africa, Ecuador. Mexico signals 50bps cut.

Latest Insights

Semiconductor manufacturing with 3d rendering robotic arms with silicon wafers
Live at the Sub-ICs

The semiconductor cycle is dead, long live the super cycle!

The health of developed market (DM) economies is in doubt with bank profitability stresses highlighting the impact of tight financial conditions on the real economy. This is prompting some to question whether enough downside risk is priced in DM equity...
Small (EM) is beautiful
Video

Small (EM) is beautiful

Patrick Cadell, Portfolio Manager for Emerging Markets Small Cap Equity and Gustavo Medeiros, Ashmore’s Head of Research discuss the opportunities present in the Emerging Market Small Cap Equity universe and the outlook for the second half of 2023 and...
Election voting card
Weekly investor research

EM elections: good result in Thailand, poor results in Türkiye

It was a good outcome in the Thai presidential elections in terms of fostering liberal economic reforms. In Türkiye, Erdogan won most votes but fell short of the 50% mark, leading to a 28 May run-off. Argentina’s inflation rose further. In Colombia, ...
Bank Negara Malaysia
Weekly investor research

We wish all central banks were steady as Bank Negara Malaysia

The US Federal Reserve (Fed) and the European Central Bank (ECB) hiked policy rates by 25 basis points (bps), in line with consensus. Bank Negara Malaysia also hiked by 25bps, but its track record suggests a much better management of macro stability...
Let's talk politics
Weekly investor research

Let’s talk about politics

Weak leading manufacturing indicators globally. Another bank bites the dust in the United States (US), where negotiations over raising the debt ceiling call for political compromise. Good news from Indonesian politics. Gustavo Petro reshuffled his...
Ashmore video
Video

'EM in 10' update - May 2023

Gustavo Medeiros, Ashmore’s Head of Research, answers some timely questions about recent events and performance in Emerging Markets for our 'EM in 10' monthly video review.
US Dollar bundles
Weekly investor research

EM local assets outperform on weak USD

Emerging Market (EM) stocks and local bonds outperformed last week due to a weaker US dollar, better-than-expected economic data from China, and lower inflation in Brazil and India. Argentina’s inflation increased further, partially due to the drought...
Ashmore video
Video

'EM in 10' update - April 2023

Gustavo Medeiros, Ashmore’s Head of Research, answers some timely questions about recent events and performance in Emerging Markets for our 'EM in 10' monthly video review.
Ship in port
Equities

Five reasons to buy Emerging Markets equities

Emerging Markets (EM) have faced a challenging environment over the past five years, due to a series of global shocks that have triggered elevated market volatility and led the MSCI EM equity benchmark to experience its most protracted drawdown in...
Rail tracks running through a tunnel with a light at the end of it.
Weekly investor research

Staying the course

Central banks in the United States (US) and United Kingdom (UK) hiked their policy rates, but framed their forward guidance as data-dependent, mostly due to risks of a significant deterioration in credit conditions. The flash Purchasing Manager Indices...
Credit Suisse
Weekly investor research

Challenging trade-offs

Credit Suisse was acquired by UBS over the weekend, but there was little market respite as the deal exposed possible capital structure vulnerabilities within the global banking system...
Navigating turbulent waters
The Emerging View

Navigating a turbulent environment: EM IG to the rescue

Economic growth and inflation have surprised to the upside so far in 2023, not only thanks to the reopening of the Chinese economy, but also due to the resilience of the labour markets. The combination of a resilient economy and inflation has boosted...