So far, 2025 has been nothing if not volatile. We’ve faced a slew of tariffs from US President Donald Trump’s administration, renewed conflict in the Middle East and the continuation of the Russia-Ukraine war, and we are only at the halfway mark. 

In the face of growing global instability, countries previously considered high risk have been outperforming their supposedly more stable peers, and nowhere is this more apparent than in emerging markets. So far this year, the MSCI Emerging Markets Index has made a sterling total return of 3.4 per cent, well ahead of the 1.4 per cent loss for the MSCI World Index.