Key Findings Include:
- Emerging Markets continue to benefit from powerful structural growth drivers, including favourable demographics, urbanisation, rising incomes and the rapid expansion of the middle class, creating significant long-term growth opportunities.
- The recent dominance of AI-related technology stocks has increased concentration in Emerging Markets indices, particularly in Taiwan and South Korea, strengthening the case for active management.
- Successful Emerging Markets companies across Asia, Latin America and South Africa are increasingly evolving into globally competitive businesses, supporting long-term shareholder value.
On Wednesday 17 June, Aubrey Capital Management (“Aubrey”) and LarrainVial hosted a high-level investment seminar at the Carpenter’s Hall in London, bringing together over 100 investment professionals, economists, asset managers and wealth managers to examine how shifting geopolitical dynamics and long-term structural trends are reshaping the investment opportunity in Emerging Markets.
The event, “Navigating Emerging Markets: The Next Growth Cycle”, provided investors with a fresh perspective on Emerging Markets, exploring both the well-known drivers of growth and the less widely discussed trends shaping the investment landscape. It featured presentations from Nicholas Hopton, Director General of the Middle East Association and former UK Ambassador to Iran, Libya, Qatar and Yemen; Andrew Dalrymple, Founder and Investment Manager at Aubrey Capital Management; Jose Manuel Silva, Chief Investment Officer at LarrainVial Asset Management; and Hlelo (Lo) Giyose, Chief Investment Officer at First Avenue Investment Management. The speakers were joined in discussion by Merryn Somerset Webb, Editor-at-Large for UK Wealth at Bloomberg, who moderated the panel discussion and audience Q&A. The event was Chaired by Natalie Kenway, financial journalist.
Jose Manuel Silva opened the event with a presentation examining the investment opportunity in Latin America, highlighting attractive valuations, improving political and economic conditions, structural reforms and the region’s growing importance as a supplier of critical commodities, energy and agricultural products.
Andrew Dalrymple focused on the long-term growth potential of Emerging Markets, highlighting that favourable demographics, urbanisation and rising affluence continue to drive structural growth across developing economies. He also referred to the increasing concentration of Emerging Markets indices around AI-related technology companies.
Hlelo (Lo) Giyose explored the “Flying Geese” theory of economic development, highlighting how successful companies in Emerging Markets often follow a similar path: establishing leadership positions in their domestic markets before expanding internationally and becoming globally competitive businesses. Drawing on examples from Asia, Africa and Latin America, he argued that identifying these future champions remains one of the most compelling opportunities available to long-term investors.
Nicholas Hopton concluded the formal presentations with a keynote address examining the return of Great Power politics, the emergence of a more multipolar world and the accelerating geopolitical realignment reshaping international relations. He explored the implications of these developments for global financial markets and Emerging Markets investors, highlighting the growing importance of understanding geopolitical risk alongside traditional economic and investment factors.
The seminar took place at the historic Carpenters’ Hall in the City of London and was attended by more than 100 people representing financial institutions, asset managers, wealth managers, intermediaries, consultants and family offices.
Andrew Ward, CEO at Aubrey Capital Management, commented:
“Too often, discussions about Emerging Markets focus on short-term headlines rather than the structural trends. So, we wanted to bring together different perspectives on the asset class, from consumer growth and technological innovation to geopolitical change and economic development. The quality of the discussions reinforce our belief that active, research-driven investing remains essential in identifying opportunities across an increasingly complex global landscape.
I would like to extend my sincere thanks to Andrew Dalrymple, Jose Manuel Silva, Hlelo Giyose and Nicholas Hopton for sharing their insights, as well as Merryn Somerset Webb for moderating the discussion. Their expertise, experience and willingness to challenge conventional thinking helped create a thought-provoking event.”
Speakers (left to right): Merryn Somerset Webb, Jose Manuel Silva, Hlelo (Lo) Giyose, Andrew Dalrymple, and Nicholas Hopton:
About Aubrey Capital Management
Aubrey Capital Management is a specialist boutique global investment manager with a distinctive investment approach, primarily focused on growth equities. Founded in 2006, it is a majority employee-owned firm with offices in Edinburgh and London.
Aubrey manages $1.2 billion in client assets across the Aubrey Global Emerging Markets Strategy, the Aubrey Global Conviction Strategy, and investment solutions for private clients. The company has a strong track record of delivering actively managed, benchmark-agnostic portfolios with high active share and robust long-term performance.
About LarrainVial
Based in Santiago, Chile, LarrainVial was founded in 1934 and is one of the leading financial services companies in Latin America with offices in Chile, Peru, Colombia, and the United States.
LarrainVial’s asset management division, LarrainVial Asset Management, is the first, and only, third-party fund manager in Chile to achieve an international rating from Standard & Poor’s, AMP-1 grade, reflecting its strong processes and market position. LarrainVial Asset Management is one of only five entities in Latin America that holds this rating.
LarrainVial Asset Management became the first Chilean asset management company to offer SICAV funds domiciled in Luxembourg via the UCITS V vehicle launched in 2011. This has allowed global institutional investors to access the firm´s Latam Equity and Fixed Income strategies. Currently, its team of over 90 professionals manages more than $10 billion USD in assets through mutual funds, investment funds, and portfolio management.
Compliance Notes
This press release is specifically provided for use by media representatives in the UK, EU, USA and Chile. This document has been issued by Aubrey Capital Management Limited, which is authorised and regulated in the UK by the Financial Conduct Authority and is registered as an Investment Adviser with the US Securities & Exchange Commission.
For more information on Aubrey Capital Management, go to www.aubreycm.co.uk.
