The Emerging Markets Podcast by Tellimer

Emerging Markets equities unpacked: IPO booms, geopolitical risk, and frontier opportunities

Dec 3, 2025

Dominic Boker-Ingram, a seasoned Senior Portfolio Manager at Fiera Capital with over 30 years in emerging and frontier markets, shares invaluable insights. He discusses Saudi Arabia's rapid IPO boom, market saturation, and the dual impact of the Russia-Ukraine conflict on Central Asia, highlighting both growth prospects and inflation challenges. The conversation also covers Egypt's stabilizing strategies, particularly the Ras El Hekma deal, and why institutional reform, rather than political labels, drives equity market success across emerging regions.

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INSIGHT

Institutional Reform Drives Market Depth

Poland's early institutional reforms and pension system drove equity market depth and innovation.
High-priced equity markets incentivize risk capital and company formation, creating a virtuous cycle.

INSIGHT

Long-Term Capital Is Key To Energy-Led Growth

Long-term capital is essential for energy and GDP expansion because energy underpins growth.
Stable institutions and legal frameworks attract capital willing to wait years for returns.

ADVICE

Reform Holistically To Unlock Capital

Change laws that improve ease of doing business to attract long-term investment.
Target reforms across labor, land, banking and legal systems to mobilize capital into projects like EV supply chains.

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In this episode, Dominic Bokor-Ingram, Senior Portfolio Manager at Fiera Capital, joins Tellimer CEO, Duncan Wales, to dive deep into the forces shaping emerging markets today. Dominic and Duncan examine Saudi Arabia’s rapid evolution into an IPO powerhouse and why saturation may now be weighing on valuations. Dominic shares insights on Central Asia’s double-edged impact from the Russia-Ukraine conflict, where capital inflows are supporting growth but also fuelling inflation, along with the potential upside if risk premiums begin to ease. The conversation also highlights Egypt’s pivotal Ras El Hekma deal and the role of Gulf-driven investment as catalysts for greater stability and market depth. From privatisation hurdles to Vietnam’s reform trajectory, Dominic explains why leadership and institutional modernisation not political labels, are the ultimate drivers of equity market success.

The Emerging Markets Podcast by ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Tellimer⁠⁠ – Emerging Markets, Connected. Check out the full Tellimer offering ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

The Emerging Markets Podcast dives into a range of topics in the emerging and frontier market world including investment themes, debt restructuring, elections, and geopolitical tensions.

DISCLAIMER

This podcast is provided for information purposes and represents the personal opinions of the speakers. It is not an offer or solicitation for investment in any securities, nor should it be regarded as investment advice.

Tellimer Technologies Limited does not offer or provide advice and no mention of a particular security in this podcast constitutes a recommendation to buy, sell or hold that or any security, portfolio of securities, or enter any transaction or investment strategy. Nor is any such mention an indication that any investment is suitable for any specific person.

For more information, please visit ⁠⁠⁠⁠⁠⁠Tellimer.com⁠⁠⁠⁠⁠⁠.