Key Findings Include:
- A weaker US Dollar, stable oil prices, and dovish fiscal policy in China and Europe provides a positive back drop for Emerging Markets
- Companies in China and India are driving innovation, benefiting from consumption-led growth across Emerging Markets and beyond
- Latin American equity and bonds, supported by attractive valuations, stand to benefit from United States strategic retrenchment
- Chile’s landmark pension reform signals political consensus around the importance of growth
- Pedestrian index returns over the past 15 years underline the importance of investing actively in these markets
10th June 2025, Edinburgh/London – On Thursday 5 June, Aubrey Capital Management (“Aubrey”) and LarrainVial hosted a high-level investment seminar in London, bringing together investment professionals, economists, policymakers and clients to examine how shifting global power dynamics are reshaping the investment opportunity in Emerging Markets.
The event, Navigating Shifting Narratives in Emerging Markets, featured presentations from Louis-Vincent Gave, Co-Founder and CEO of Gavekal, John Ewart, Investment Manager (Aubrey), Camila Guzmán, Portfolio Manager (LarrainVial Asset Management), and former Chilean Finance Minister, Ignacio Briones. The speakers were joined in discussions by Aubrey’s Founder and Investment Manager, Andrew Dalrymple, and Fernando Larraín C.,President of LarrainVial. Anna Macdonald, Head of Private Clients at Aubrey, moderated the seminar.
Louis-Vincent Gave opened the event by framing 2025 as a year of global inflection, reflecting on the rise of “Fortress America”. John Ewart provided a company-level view of the opportunities in Emerging Markets, focusing on Asia. He emphasised the growth of domestic consumption in countries like India and China and presented several examples of world-class businesses in areas such as electric vehicles, e-commerce and fintech. Camila Guzmán offered a strong case for Latin American Equities, describing the region as “under-owned, undervalued, and under-touched.” Former Chilean Finance Minister Ignacio Briones gave a detailed presentation on Chile’s recent pension reform, which was passed earlier this year after more than a decade of political debate.
The seminar took place in the historic Livery Hall of the City of London’s Guildhall, and was attended by over 130 people representing financial institutions, pension funds, wealth managers, intermediaries and consultants, who braved the London weather. Representatives from the UK and Chilean governments were also present, led by Lord Roger Liddle, the United Kingdom’s Trade Envoy for the Andean region, and Her Excellency Ximena Fuentes, Ambassador of Chile to the United Kingdom.
About Aubrey Capital Management
Aubrey is a specialist boutique manager with a distinctive investment approach, primarily focused on global equities. Founded in 2006, it manages over $1 billion USD of client assets across long only growth equity strategies (Aubrey Global Emerging Markets, Aubrey Global Conviction) and a diversified, macro-driven strategy (Aubrey Defensive Income). Aubrey also provides various investment solutions for private clients.
Aubrey has a history of delivering actively managed, benchmark agnostic, portfolios with high active share and strong long-term performance for its clients. All company research is done internally by an experienced investment team.
In March 2024, LarrainVial acquired a 25% stake in Edinburgh-based Investment Manager Aubrey Capital Management, a commercial plan to broaden the investment capabilities of both firms, whilst sharing specialist research and administrative functions.
About LarrainVial
LarrainVial was founded in 1934 and is one of the leading financial services companies in Latin America with offices in Chile, Peru, Colombia, Mexico and the United States.
LarrainVial Asset Management became the first Chilean asset management company to offer SICAV funds domiciled in Luxembourg via the UCITS V vehicle launched in 2011. This has allowed global institutional investors to access LarrainVial´s Latam Equity and Fixed Income strategies.
Based in Santiago, LarrainVial Asset Management is the first, and only, third-party fund manager in Chile to achieve an international rating from Standard & Poor’s, AMP-1 grade, reflecting its strong processes and market position. LarrainVial Asset Management is one of only five entities in Latin America that holds this rating.
Currently, its team of over 90 professionals manages more than $6.7 billion USD in assets through mutual funds, investment funds, and portfolio management.
Compliance Notes
This press release is specifically provided for use by media representatives in the UK, EU, USA and Chile. This document has been issued by Aubrey Capital Management Limited, which is authorised and regulated in the UK by the Financial Conduct Authority and is registered as an Investment Adviser with the US Securities & Exchange Commission.
