Our Roadmap this month is on investing in emerging market equities. These include a diverse array of countries, unified to some extent as having lower per capita incomes and potentially faster rates of economic growth than their developed market counterparts. However, significant equity issuance, corporate governance challenges and over-exposure to cyclical sectors has meant that this does not systematically translate into outperformance of developed markets, whose constituents can also benefit from firmer economic growth. Current challenges also include the potential adverse impact of higher US tariffs. However, emerging market equity valuations remain unchallenging, and Saranac retains some exposure in multi asset equity portfolios.

Read the full Investment Roadmap here.