374. Emerging markets: riding the next dollar cycle

Emerging markets have rebounded strongly despite global uncertainty. John Citron, co-manager of JPMorgan Emerging Markets Trust, shares what’s behind that strength: from currency cycles and interest rate shifts to transformative themes like AI, semiconductors, and infrastructure. John shares insights into how disciplined, quality-focused investing and low portfolio turnover can unlock compounding returns across regions such as China, India, and Latin America. This episode also explores valuation discipline, long-term forecasting and how volatility can create opportunities.What’s covered in this episode: Why the US dollar matters so much for emerging marketsThe shift from a strong to weaker dollar cycleHow AI and semiconductors are reshaping Asia’s tech landscapeIndia’s growth story across infrastructure, finance and consumersChina’s recovery and governance challengesThe philosophy of long-term quality investingUsing a five-year expected return frameworkMercado Libre’s evolution beyond e-commerceHow volatility creates buying opportunitiesWhy compounding quality wins over timeMore about this fund: JPMorgan Emerging Markets Trust takes an active approach to investing in emerging markets, with the managers looking at the growth of companies rather than specific countries. Backed by one of the largest emerging market research teams, the trust has delivered excellent returns for more than two decades, emphatically demonstrating the team’s long-term approach to stock picking.Learn more on fundcalibre.comPlease 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.