Federated Hermes：2025年全球新兴市场股票展望报告：驾驭时代浪潮（英文版）

2024 recap and thoughts for 2025 Emerging Market (EM) equities posted positive gains in 2024, returning 7.5% over the year, narrowing from 9.8% in 2023, helped by a late rally in Chinese equities, coupled with strong results from Taiwan and India1 . EM significantly underperformed developed markets (DM), which returned 18.7% for the year, while US exceptionalism was sustained for another year. As a result, EM’s discount to DM has widened2 .