A radical shift in the forces shaping emerging market growth will require investors to take a different investment approach from what may have worked in the past. Increasingly, discovering investment opportunities will be rooted in the ability to capture the alpha from the new growth drivers, rather than in chasing the beta of the broad universe.

Download the white paper Opens in New Window

The Monolithic View of Emerging Markets is Obsolete

Emerging Markets Debt—The Re-Rating Opportunity

Opportunities in Emerging Market Real Estate

Small Cap, Big Value: Emerging Market Stocks

For this new white paper, over 30 PGIM investment professionals, as well as leading academics and policy-makers from around the world, were interviewed to debate the most striking developments across emerging markets (EM), the likely winners and losers, and the most attractive investment themes arising from the evolution of EMs. The developed market-oriented, export-led growth model that propelled EM growth since the 1980s is stalling due to a variety of factors. Increasingly, EM countries will be the masters of their own fate, with growth dependent on their individual abilities to capture domestic and regional opportunities. Navigating the risks and opportunities offered by this new EM order will be an increasingly important driver of portfolio returns over the long term.

If emerging markets can no longer ride on the coat-tails of developed-market economic growth, global trade liberalization or Chinese supply chains, where will growth come from—and what are the opportunities and risks investors should focus on? 

The growing importance of trade between emerging markets, as epitomized by China’s New Silk Road initiative.

The demographic dividend, particularly in South Asian and African emerging markets with an expanding working-age labor force.

The domestic consumption needs of the rising EM middle class, which is increasingly urban, aspirational, connected and wealthy.

The opportunities presented by digital disruption, especially in countries that make the necessary investments in broadband, education and regulatory reform.

Harnessing the power of deeper and broader local capital markets, which are unlocking financing opportunities for local firms.

Unbundling Emerging Markets: Portfolio-Wide Implications


View PDF


While no longer driven by a single unifying force, EMs continue to offer long-term investors an array of attractive investment opportunities across fixed income, equities, and real assets, especially relative to structurally slow-growing developed markets. Capturing these opportunities will require CIOs to take an active investment approach, with a focus on:

  • Developing a granular investment framework that unbundles EMs by asset class, time horizon, and growth driver
  • Updating EM risk assumptions with a more forward-looking approach
  • Rethinking their reliance on EM indices and index investing,
  • Taking a more bottom-up, thematic approach to EM equity security selection that is active and benchmark-agnostic

Capturing future EM opportunities will require taking a significantly different investment approach.

Download the whitepaper to uncover the primary investment themes that will underpin EM investment opportunities going forward.



PGIM partners with Bloomberg to create an interactive EM microsite

In a new content partnership, PGIM teams up with Bloomberg to create a dynamically interactive microsite. Designed to complement PGIM’s latest megatrend white paper, Emerging Markets at the Crossroads, the site uniquely positions the key themes captured in the white paper, and includes compelling stats and expandable interactive charts.

This microsite captures a holistic view of emerging markets and the opportunities it reveals for investors.


Taimur Hyat Interviewed by Greg Crawford of P&I

At the P&I Global Future of Retirement conference, Taimur Hyat, Chief Strategy Officer of PGIM, talks with Greg Crawford of Pensions & Investments about the changing landscape of emerging markets, and investment opportunities resulting from the rise of e-commerce, fintech and domestic middle-class growth.

PGIM’s Hyat Sees Emerging Markets Driving Global Growth

Taimur Hyat, PGIM's chief strategy officer, discusses investment opportunities in emerging markets with Bloomberg's Vonnie Quinn and Mark Barton on "Bloomberg Markets."

The New Way to Invest in Emerging Markets

New research from PGIM challenges the conventional wisdom about emerging markets. The upshot? Say bye to indexing and hello to more sophisticated approaches.

Emerging Markets: Making Sense of the Crosswinds

Watch a replay of P&I’s webinar on Emerging Markets, where Taimur Hyat, PGIM’s Chief Strategy Officer joined the expert panel to dig into the issues that are shaping emerging market economies and how investors can uncover hidden gems.


Eyeing Debt Deals Amid Brazil’s Liquidity Crunch

Latin America real estate markets may be volatile, but there’s plenty of opportunity outside of the headlines, according to Alfonso Munk, PGIM Real Estate’s Americas chief investment officer.

Inside Mexico’s First Multifamily Portfolio Exit

Alfonso Munk, Americas chief investment officer of PGIM Real Estate, explores the for-rent housing sector in Mexico and how PGIM Real Estate’s exit of 2,500 apartments in Mexico City could set the stage for an institutionally accepted asset class.

LatAm LPs Ramp Up Real Estate Exposure

Domestic investors in Latin America are turning their attention to real estate as they look for greater yields on their investments, according to Alfonso Munk, Americas chief investment officer for PGIM Real Estate.


Emerging Markets Investing:
Crisis or Opportunity?

Can emerging markets still deliver value for investors? Watch QMA’s Rodolfo Martell, Managing Director, Portfolio Manager & Strategist, describe his firm’s approach to finding alpha in today’s volatile emerging markets.


A Quantum Leap

David Hunt, President and CEO of PGIM and Arvind Rajan, Head of Global and Macro for PGIM Fixed Income, authored a two-part article series for recent issues of Business India.

Part 1

India’s capital market requires a further boost to its already healthy growth.

Part 2

India’s capital markets need regulatory streamlining, institutional development, and investor education.