Important Information
This information is provided for general educational purposes only without regard to your particular investment needs. This material, including any attachments or hyperlinks, should not be taken as investment or tax advice of any kind whatsoever (whether impartial or otherwise) on which you may rely for your investment decisions, nor be construed as an offer, solicitation or recommendation for any investment strategy, product or service. Investors should consult their financial and tax adviser before making investments in order to determine the appropriateness of any investment discussed herein.
Material authored by any particular Artisan Partners individual or team represents their own views and opinions, which may or may not reflect the views and opinions of Artisan Partners, including its autonomous investment teams or associates. Statements are based on current market conditions and other factors, which are as of the date indicated and are subject to change without notice. While this information is believed to be reliable, there is no guarantee to the accuracy or completeness of any statement in the discussion.
All investments are subject to risk, which includes potential loss of principal. Past performance is not indicative of future results.
This material may reference index or other information that is subject to copyright by its respective service provider, including the following: MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI. Frank Russell Company ("Russell") is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell's express written consent. Russell does not promote, sponsor or endorse the content of this communication. The S&P 500 and S&P UBS Leveraged Loan Indices are products of S&P Dow Jones Indices LLC (“S&P DJI”) and/or its affiliates and has been licensed for use. Copyright © 2025 S&P Dow Jones Indices LLC, a division of S&P Global, Inc. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). None of S&P DJI, Dow Jones, their affiliates or third party licensors makes any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright 2025, J.P. Morgan Chase & Co. All rights reserved. Source ICE Data Indices, LLC, used with permission. Source ICE Data Indices, LLC is used with permission. ICE® is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA® is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its third party suppliers and, along with the ICE BofA trademarks, has been licensed for use by Artisan Partners Limited Partnership. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See www.artisanpartners.com/ice-data.html for a full copy of the Disclaimer. The index(es) are unmanaged; include net reinvested dividends; do not reflect fees or expenses; and are not available for direct investment.
© 2025 Artisan Partners. All rights reserved.
EMD in a Trump 2.0 World
Donald Trump’s and the Republican party’s sweeping victories in November signal a strong mandate for meaningful change that will influence the global economy and geopolitics for 2025 and beyond. While exact details of Trump’s policies remain unknown, the former president has made the direction of political change clear in several key areas:Read More
EM’s Uninvited Guest: US Duration
Investors often allocate to emerging markets debt to capture compelling stories of growth, reform and opportunity in developing economies. Yet, all too often, these carefully chosen EM exposures are overshadowed by movements in US Treasury yields. It’s a frustrating reality that can significantly amplify volatility in the asset class’s returns, and recent weeks have offered a reminder of just how powerful this effect can be.
Senegal: Things are not Always What They Seem
In March 2024, Senegalese Prime Minister Ousmane Sonko and President Bassirou Diomaye Faye were elected with a promise of radical change. Their campaign, which centered on social justice and national sovereignty, resonated with a population facing high living costs and rising unemployment. Following his inauguration in April, President Faye initiated a comprehensive review of the country’s financial situation. The findings, released in late September, raised significant concerns, and suggest that Senegal’s fiscal health may be more precarious than previously believed.Read More
Sri Lanka’s Happily Ever After?
Sri Lanka’s September presidential election was a watershed moment. The left-leaning political outsider, Anura Kumara Dissanayake (AKD), was elected as the 9th President of Sri Lanka. AKD’s rise reflects the electorate’s desire for change, following the 2022 crisis which doubled the poverty rate and shrunk the middle class. His platform appealed to voters by promising to curb corruption and provide tax relief, but also antagonized markets by proposing fiscally irresponsible tax exemptions and challenging Eurobond restructuring negotiations – raising serious concerns about economic stability.
Economic Minesweeper: October 2024 IMF and World Bank Annual Meetings
Policy makers, government officials and members of the emerging markets debt investment community descended on Washington DC last week for the fall IMF meetings. Over the course of the week, the EMsights team conducted over 100 meetings and actively engaged in conversations with a diverse array of representatives and leaders.Read More
TajikiSTAR
Surrounded by emerging market darlings Uzbekistan and Kazakhstan, Tajikistan often goes overlooked by investors. Our team recently traveled to Dushanbe, and we found it timely to provide an update on the country’s macroeconomic outlook.
Pension Tension
Uruguay is heading towards a pivotal vote on October 27th, but it’s not just about electing the next president. This time, voters will also weigh in on a plebiscite that could reshape the nation’s pension system—backtracking on key reforms passed in 2023.
The Battle of the NDF Trading Venues
Non-Deliverable Forwards (NDFs) have become essential tools in emerging market investing, allowing access to emerging and frontier currencies that do not otherwise have an FX market. NDFs, unlike standard currency forwards, do not involve the physical exchange of currencies. Instead, counterparties settle the difference between the contracted NDF price and the current spot price at the maturity of the contract. Market adoption of electronic trading and central clearing in NDFs has not kept pace with other emerging market derivatives but is quickly catching up and rapidly becoming more complicated.
The Curious Case of The Bahamas Index Exclusion
The line between emerging and developed markets can often be blurred. While we advocate for a broad investment approach that encompasses a wide range of opportunities, index providers often draw a clearer distinction. This stricter approach can result in the exclusion of certain countries from the investable universe. One example is The Bahamas.
Jamaican Me Hurricane Ready, Others Should Follow
Emerging market countries must deal with a host of development issues, from social unrest to inadequate institutions and corruption. A select few face an additional natural disaster risk that can derail their development: hurricanes.