The Emerging Markets Podcast by Tellimer Rethinking Emerging Markets: From Geopolitics to Multi-Asset Strategies
Oct 24, 2025
In this discussion, Nick Rohatyn, Founder and CEO of The Rohatyn Group and seasoned expert in emerging markets, shares his insights on the evolving landscape of global investing. He discusses the shift away from U.S.-heavy allocations due to rising geopolitical risks, highlighting the need for a multi-asset approach. Rohatyn also emphasizes the importance of local participation in EM markets and the potential for significant opportunities in reconstruction and private investments. His 'three-part' strategy for assessing countries adds depth to the conversation.
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Phase Shift In Global Capital Allocation
- Emerging markets moved through phases: a 2000s boom, a 2010s US-dominated cycle, and now a new reallocating phase.
- Political shifts in the US and China are pushing allocators to diversify away from heavy US/China concentration.
US Political Risks Prompt Reallocation
- Political risks in the US (attacks on judiciary, press, central bank independence) are shifting perception of US exceptionalism.
- That perception change is accelerating capital reallocation decisions abroad.
Investor Flight From China Example
- A Canadian pension fund cut China exposure from 10% to 2% after policy shifts under President Xi.
- Conviction to re-enter these markets requires substantial policy change over time.
