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<p><strong>As with any investment, your capital is at risk.</strong></p>
<p><br><strong>Andrew Keiller</strong>: For years, emerging market companies have been described in comparison to western peers. ‘The Amazon of Latin America’. ‘The Uber of Southeast Asia’. I’m guilty of it myself, but that framing misses the point. In many cases, these companies have leapfrogged the old playbook without decades of legacy infrastructure to work around.</p>
<p>Businesses have built digital payment systems, logistics networks and financial platforms from the ground up. They often designed for mobile first consumption. They iterated quickly. You tend to find that when novel models gain traction in dynamic markets with large, useful and connected populations, you get to scale extraordinary speed. It's important that this isn’t happening in isolation.</p>
<p>Across Asia in particular, we’re seeing clusters of talent forming. Tech clusters matter because they concentrate innovative people, capital and supply chains in one place. Creating feedback loops where ideas move quickly from research to commercialisation. China is a very good example of this. So we need to challenge the preconception that leading innovation is all about Silicon Valley.</p>
<p>We suspect that we’re only at the beginning of a step change here, and that is that global investors will pay more and more attention to EM innovators. Look at batteries. Look at solar. Look at mining. Look at gaming. In doing so, they will be aligning with companies that are increasingly not just catching up, but are leading the development of new ways of consuming and new ways of doing business.</p>
<p>Let's be clear these won't all go right. But the bigger risk, in our view, isn't backing the wrong ones. It's missing the opportunity altogether.</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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