While all eyes have been on the runaway U.S. bull market, emerging markets stocks have delivered impressive results. The MSCI Emerging Markets stock index returned 29.7% in 2025 through November, far ahead of the S&P 500's 17.8% gain.
Emerging-markets fans say the rally is just the beginning of a long-term trend, supported by an evolving world order focused on deglobalization that will accelerate earnings growth and favorable currency swings in emerging markets over a period of several years.
