Chief investment officer (CIO) Alexandre Drabowicz at Paris-based Indosuez Wealth Management said he has been upbeat about emerging markets since 2024, despite geopolitical turbulence. He favours AI and tech in Asia, which remain at reasonable prices compared with the US. But, unlike asset manager Comgest and many other firms, he does not invest in South Korea's SK Hynix or Taiwan Semiconductor Manufacturing Company (TSMC).

Drabowicz also likes commodities in Latin America, and is bullish on copper. Silver, copper and tin are needed for artificial intelligence, tech and renewables. He said the Middle East conflict, which has caused oil prices to surge, has increased the acceleration to renewable energy.

Drabowicz is overweight in emerging markets and the US market, underweight in Europe and Japan. He is not big on French luxury goods, saying that Chinese demand for them is weaker than it was.

Nick Payne, head of Comgest Global Emerging Markets Risk Database (GEM) portfolios, is also constructive on emerging market equities, notably on tech in Taiwan and Korea, and invests South Korea’s Samsung Electronics and SK Hynix as well as TSMC.Tech is usually cheaper in these countries than in the US, he said.

Payne is slightly underweight in South Korea and overweight in Taiwan, Brazil and South Africa and India. Although India has struggled in the last 18 months and is sensitive to higher oil prices caused by the conflict, Payne told this news service that good firms can still be found in India. He likes financials such as Bajaj Finance and Shiriam Finance, two of India’s non-banking financial companies. He also likes Capitec bank, a big South African retail and business bank headquartered Stemmenbosch.

He is less keen on China, saying it is in a difficult spot, with a big problem on domestic consumption. “It is not consuming enough,” he said. Overall, Payne remains positive on the outlook for emerging markets, arguing that they should benefit from a weaker dollar.

A number of firms such as Paris-based asset manager also remain upbeat on undervalued tech-driven emerging markets.

On gold, Drabowicz has increased his exposure to the "safe-haven" yellow metal in the summer.

ETFs
As many wealth managers expand their exchange-traded fund (ETFs) range, Drabowicz said Indosuez Wealth Management is launching a new range of Irish-domiciled active ETFs in Europe in the second half of 2026, subject to regulatory approval.

To structure this range, Indosuez will rely on the “ETF-as-a-Service” platform of , a Paris-based asset manager and ETF provider in Europe.

The rise of passive strategies in recent years is accompanied by renewed interest in active management. In this context, Indosuez aims to offer a solution that combines its expertise in active management with the transparency, liquidity, and simplicity inherent to ETFs.

The initial range will include four active ETFs covering global equity and fixed income markets, with two distinct approaches:

ETF Enhanced: one ETF covering fixed income markets and two actively managed equity ETFs based on a proprietary quantitative model, aiming to provide structured exposure to proven performance factors within a strict risk control framework.

ETF Unconstrained: one ETF with a flexible global equity strategy, aiming for long-term capital growth across the international equity universe.

These ETFs will be aimed at a wide range of retail investors, including Next Gen, and professional investors such as pension funds and family offices, the firm said. 

A number of firms, including Schroders, Pictet Asset Management, Invesco, and Franklin Templeton, have been continuing their expansion into ETFs. See more here and here.

However, unlike Indosuez, Payne said he does not invest in ETFs.