The Janus Henderson Emerging Market Equities Team believe we have moved beyond "peak globalization" and are entering a new phase of deglobalization where investing in emerging markets will require an active approach that incorporates top-down country and bottom-up company analysis within a framework of both political and corporate governance.

  • Unlike during the rise of globalization and the commodities super-cycle 20 years ago, emerging markets (EM) now face a host of unique conditions that will help determine their attractiveness for investors.
  • The multipolar world that is developing is one in which each region strives to control a greater portion of its key economic inputs and processes.
  • Both China and the U.S. are likely to reverse the past two decades’ economic tactics, with the former seeking to increase innovation and the latter reshoring manufacturing capabilities.