Emerging market equities have significantly outperformed developed markets since late 2024, with the MSCI EM Index roughly doubling the returns of the US market. This rally is underpinned by powerful structural forces — the AI investment supercycle anchored in Taiwan and Korea, rising domestic demand, de-dollarisation, deepening intra-EM trade, and strengthening macro fundamentals. During the session. the RBC EM Equity team will assess whether this outperformance is sustainable and where the best opportunities lie across EM countries and sectors lie, while also addressing key risks around index concentration, speculation, and geopolitical tensions.