Client Portfolio Manager
Discover emerging opportunities
For investors focused on long-term investing with real diversification, EM exposure is critical.
• 市場觀點
Emerging markets’ strength comes from within
The architecture of the global economy is changing with emerging markets (EM) becoming central to global growth, innovation and wealth creation. This means global investors should consider building or adding to core exposure to EM equities.
概要
- Economic strength and innovation leadership now characterize EM
- Growing EM wealth increases domestic investment flows
- This is a positive tailwind for EM and helps reduce volatility
Through Robeco’s more than 30 years of investing in EM, one constant has been the inexorable economic advance across the EM landscape. Nevertheless, EM equities continue to be discussed through the language of the past: as high-beta amplifiers of global cycles, commodity-driven beneficiaries of China’s growth, or diversifiers in a developed-market (DM)-centric portfolio. Reality suggests that framing is no longer appropriate.
Emerging markets investing
Innovation leadership
Economic development in EM has been a process unfolding over decades. Looking beyond the dry macroeconomic data, the change in the key sectors that drive EM economies tells a more visceral story. In 2008 the biggest MSCI EM index weights were in primary extractive industries like mining and energy (Figure 1).
Figure 1: MSCI EM index weights 2008 vs 2025
Source: MSCI, December 2025
By 2025 the index had transformed with technology the largest sector at 28% of market capitalization. While EM investment still gives you significant exposure to materials (7%) and energy (4%) the economic balance now reflects leadership in the most innovative sectors.
Wealth creation driving domestic capital flows
To complement innovation leadership, the impact of growing domestic consumption and wealth in EM are already visible in growth data, and we believe the next decade will see the related multiplier effects intensify, becoming another structural tailwind for EM assets. The foundation stones for this have already been laid with EM financial systems increasingly becoming sophisticated and institutionally stable. Local savings pools – pensions, sovereign wealth funds, and insurers – are increasingly the dominant source of capital in major EM equity markets.
重要資料
本網站僅供《證券及期貨條例》（香港法例第571章）及其附屬法例所界定之專業投資者瀏覽及使用。 投資涉及風險。過往表現並不代表未來表現。本網站所載資料僅供參考之用，並不構成任何投資建議，亦非作出買賣任何證券或採納任何投資策略之要約或招攬。投資者不應僅憑本網站提供之資料作出投資決定，在作出任何投資決定前，應徵詢獨立意見（包括有關稅務影響之意見）。投資者應確保完全理解投資產品的相關風險，亦應考量自身投資目標及風險承受水平。投資乃閣下之個人決定。除非銷售投資產品的中介人已向閣下告知該投資產品適合閣下，並已解釋其符合閣下投資目標之原因，否則閣下不應投資。請參閱相關發售文件或其他法律文件，以獲取包括風險因素在內的進一步詳情。 本網站由荷寶投資管理香港有限公司發布，該公司受香港證券及期貨事務監察委員會（「證監會」）規管（中央編號：APU851）。本網站未經證監會審閱。 無法保證任何投資產品可實現其投資目標。概不就任何投資產品之表現或投資回報作任何聲明或承諾。投資的價值或會波動。本網站所載過往表現、推算或預測，均不應視作未來表現之保證或指標，且概不提供任何明示或暗示之保證。本網站內容建基於相信為可靠之來源，惟因應資料傳遞技術特性及須採用多項數據來源（包括第三方內容），故概不保證其準確性。所述觀點僅乃截至上述日期，或會隨市況變化而改變，可予更改而毋須另行通知。該等意見可能有別於其他荷寶投資專業人士之意見。因使用本材料或當中所載任何評論、意見或估算而引致之直接、間接或相應損失，荷寶概不承擔法律責任。荷寶並無責任更新本網站或任何網站內容。未經荷寶事先書面許可，不得複製、分發或刊發本網站任何材料。 除非另有說明，資料來源:荷寶。
