With key inputs for AI infrastructure and renewable energy primarily found within emerging economies in Latin America, Africa and Asia-Pacific, we think EM investors will be beneficiaries of the global race for resources.

In March 2026, emerging markets equities stalled, as a rising US dollar and concerns over global energy security pushed investors toward the US as a perceived safe haven, underpinned by its domestic oil and gas resources. This reaction was understandable given that the largest constituents of the MSCI Emerging Markets Index — China, India, Korea and Taiwan — import oil products and natural gas from the Middle East, leaving them exposed in the short term to an energy supply shock.

Over the longer term, however, the picture is much more constructive. Emerging markets have moved into leadership positions in key technologies supporting the AI buildout, like semiconductor manufacturing, and the development and manufacture of renewable energy technologies like solar panels.

You can now read the full whitepaper at the link below