Asia and global emerging markets delivered strong returns in 2025, but the big question is whether the rally can continue. We’re joined by Patrick Garvin, the client portfolio manager for the Invesco Asian and Invesco Global Emerging Markets fund. This episode explores the key forces shaping the outlook for the region, including earnings growth driven by the AI cycle, the impact of a weaker US dollar and changing policy dynamics in China. The conversation also examines risks such as geopolitics (please note: this interview took place on 24 February before the US attack on Iran), the Chinese property downturn and supply chain shifts. Finally, the discussion highlights where investors are currently finding the most compelling opportunities across emerging markets, from technology and commodities to undervalued consumer businesses, and why active stock selection may become increasingly important in the year ahead.

What’s covered in this episode:

Asia and EM performance in 2025
Earnings growth vs valuation re-rating
AI-driven tech cycle
Weaker US dollar tailwinds
China property cycle outlook
Chinese consumer recovery potential
Geopolitics and Taiwan risk
Attractive EM markets and valuations
India: strong story, expensive market
Asian tech hardware dominance

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Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.

387. Can Asia and emerging markets keep winning?