Insights | November 5, 2025
Reforms, Volumes and Re-Rating: Unlocking the Next Growth Chapter for Emerging Markets
Over the past two decades, performance data from the largest emerging markets has demonstrated that GDP growth, while essential, is not by itself enough to deliver sustained equity market outperformance.
The comprehensive analysis of 18 emerging and frontier markets over 2015 to 2025 in Chart 1 provides strong evidence that real GDP growth without structural reforms fails to generate meaningful equity returns. The negative correlation (-0.298) between real GDP growth and stock performance, consistent across different time periods, fundamentally challenges growth-only focused investment strategies.
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15-Year Milestone: Fiera Global Emerging Markets Strategy
As the Fiera Global Emerging Markets Strategy marks its 15-year milestone, Senior Portfolio Manager, Ian Simmons reflects on the evolution of the Strategy and shares how active stock selection, local insight and a catalyst-driven approach continue to uncover compelling opportunities across EM.
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Canadian Real Estate: A Strategic Shield Against Monetary Debasement
In the current new regime, Canadian real estate is no longer just a yield play. It is a strategic “shield.” A repricing mechanism. A scarce store of value that responds almost mechanically to debasement, adjusting upward in price to reflect declining value changes in the denominator – money itself.
