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<p><strong>As with any investment, your capital is at risk.</strong></p>
<p><br><strong>Qian Zhang</strong>: We are moving into a more multi-polar world, a world where economic power is spread across regions. Trade flows are shifting. Supply chains are diversifying, and capital is moving differently. What we're seeing is de-globalisation. It's re-globalisation. And emerging markets are at the centre of that rewiring. </p>
<p>Companies are building more resilient supply chains. Manufacturing footprints are broadening across Asia, Latin America and Eastern Europe. Trade within emerging markets themselves is expanding rapidly.</p>
<p>Emerging markets are no longer simply producers for western customers. They are now trading more with each other, investing more in each other. And they are becoming customers, suppliers and partners at a scale we've never seen before. These are meaningful shifts. It isn't only about where things are produced. It changes the growth equation.</p>
<p>EM growth is increasingly driven by domestic and regional demand. And to give you an idea of the size of some of those markets, China's annual retail sales is more than ten times of how much it exports to the US. And in countries like India, 70 to 80% of corporate revenue is generated locally. That creates depth and resilience as well as opportunities for us as active stock pickers.</p>
<p>So the equation isn't about whether globalisation is ending. It's where the next phase of it is taking shape.</p>
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<p>This communication was produced and approved in March 2026 and has not been updated subsequently. It represents views held at the time of writing and may not reflect current thinking.</p>
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