How emerging-market stocks can keep trouncing the S&P 500

“While first-half U.S. dollar weakness certainly helped, the fact that EM has done so well amid shifting geopolitics and aggressive U.S. tariffs is impressive, leading us to ask whether it is entering a multiyear outperformance trend,” said Shalett.But “one of the most underappreciated opportunities may be in EM equities,” she wrote, calling their “extraordinary outperformance” in 2025 among the biggest surprises of the year.“Overweighting the U.S. has served global investors well the past 15 years,” Lisa S ...