Is there still value in EM Local markets after the 2025 rally? Is there still value in EM Local markets after the 2025 rally?

With geopolitics taking centre stage, the seismic tremors of Stablecoin activity go largely unnoticed. Stablecoins sit at a fascinating intersection of finance and technology. They promise the speed and programmability of cryptocurrencies with the price stability of traditional money. What began as a niche settlement tool for crypto markets is now being discussed as a parallel monetary system—with profound implications for banks, credit creation, and financial stability. What are stablecoins? Stablecoins are digital tokens designed to maintain a stable value, usually pegged to a fiat…

Emerging market (EM) bonds have had an impressive year so far, delivering double-digit total returns across both hard and local currency. This compares favourably with developed market (DM) bond returns, and so EM should continue to attract crossover investors who have the mandate to allocate some of their capital to EM when they see fit. Nowadays, the investment rationale is often reinforced by a popular argument that some of the developed markets have recently witnessed high policy uncertainty which was more prevalent only in EM…

In writing these blogs one hopes to be insightful, consistent, and timely, ie to try to emulate the output of Howard Marks at Oaktree.

His memo of January this year on equities inspired us to look further into the relative attractiveness of bonds vs equities (here).

Howard has updated his thoughts in August (link) –  this looks like something that is seriously on his mind.

The United States is on the brink of an industrial transformation that could redefine its economic trajectory. Inward investment is surging, driven by a wave of new manufacturing plants, onshoring and reshoring initiatives, and a parallel boom in data centre and power generation construction. This is not incremental change; it is a structural shift that will demand vast amounts of labour, raw materials, and productive capacity.