The past 10 years have not been kind to emerging market investors. Over the 10 years to the end of January 2024, the asset class has returned less than 3% p.a., which contrasts starkly with the returns of broader equity indices such as the MSCI ACWI and the US S&P 500, which have generated returns of 8.4% p.a. and 12.6% p.a., respectively. To illustrate the disparity in returns, consider that $100 invested in emerging markets 10 years ago would have grown to $133 today[1],' while the same investment would have returned $224 in MSCI ACWI and $328 in a US equity market.

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