Emerging market stocks saw a 30% gain in 2025, driven by positive earnings and risk appetite, with broad-based growth across continents. Chinese tech stocks offer value but trade at a discount due to geopolitical risks. Indian equities carry a premium, making Robeco underweight India. Korea presents a high-conviction opportunity with strong fundamentals and upside potential. Geopolitical tensions and energy price spikes pose the biggest risks for EM investors going forward.

Read more at Morningstar: China Still Risky, India Way Too Expensive: A Contrarian EM View