UBS On-Air: Market Moves Talking Markets Podcast with Rohit Chopra of Lazard Asset Management
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Nov 17, 2025 Rohit Chopra, a Portfolio Manager and Analyst at Lazard Asset Management, shares valuable insights on emerging markets. He assesses how the asset class has evolved and discusses the key factors that could drive its future outperformance. Rohit elaborates on Lazard's bottom-up investment approach and highlights specific types of companies that attract their focus. He also provides takeaways from the recent U.S.-China summit and offers guidance on investing in China, emphasizing the importance of a long-term perspective and diversification.
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Emerging Markets Have Deeply Evolved
- Emerging markets have evolved from commodity-driven cycles to diverse, innovation-led economies.
- This shift creates idiosyncratic stock-picking opportunities beyond the old EM narrative.
Demographics And Reform Drive Local Demand
- India's rising per-capita income signals a growing middle class and expanding domestic demand.
- Other regions like the Middle East and Latin America show structural shifts that deepen domestic economies.
Keep A Dedicated EM Allocation
- Maintain a dedicated emerging markets allocation because EM represents under 10% of global market cap but >80% of population.
- Be active and selective to capture diversification and idiosyncratic growth opportunities.