For years, U.S. markets felt unstoppable. Now the script is flipping.
On this episode of In the Money with Amber Kanwar, Matthew Strauss, SVP, Portfolio Manager & Lead – Global Equities at CI Global Asset Management, makes the case for rotating into global and emerging market equities. After years of American dominance, Matthew argues that stretched U.S. valuations, crowded positioning, and a shifting growth differential are finally pushing investors to look abroad.
Matthew, who has been investing in emerging markets since the 1990s, breaks down how the asset class has matured — from serial crises to more disciplined fiscal policy, freer-floating currencies, and stronger domestic growth engines. He explains why today’s emerging markets are no longer just export stories, why China, Taiwan, South Korea and India now dominate the field, and why widening economic growth differentials could support another year — or even two — of international outperformance.
In the Mailbag, we globe-trot through investor questions on India where Matthew remains constructive long term but cautious near term given valuations and slowing flows. We discuss MercadoLibre (MELI) and rising competition from Amazon (AMZN) and Sea Limited (SE), why he exited Pop Mart (9992.HK) after peak Labubu growth, the activist push at Japanese toilet-maker Toto and what that says about the Japanese market (5332.T), and whether luxury giant LVMH (MC.PA) needs a stronger Chinese consumer before becoming attractive again.
In Pro Picks, Matthew shares three high-conviction international ideas. First, Samsung Electronics (005930.KS), where he sees upside from high-bandwidth memory (HBM4) tied to the AI build-out despite lingering execution risks. Second, Alibaba (BABA), which he believes is evolving from a pure e-commerce story into a full-stack AI cloud infrastructure player in China. And third, Vista Energy (VIST), a fast-growing Argentine shale producer with improving well productivity, low break-even costs around $45 oil, and a disciplined balance sheet positioned to benefit from export-priced crude.
And don’t forget: to vote on your favourite In the Money swag ideas head to: https://www.surveymonkey.com/r/XKGW2HT
** A previous version of this episode included references to a short report about Reliance Industries and the Ambani family instead of the Adani Group and Adani family. We have removed the question from the episode. We regret the error.
Timestamps
00:00 Show trailer
02:20 Intro
04:40 What is different about emerging markets today vs. the 90s?
07:20 Forget about the BRICS acronym
09:50 Why are global markets performing better than U.S.?
12:50 Why haven’t tariffs dented global growth prospects?
14:00 Why Mag 7 are top holdings
17:50 Expects another year or 2 of global market outperformance
22:05 ITM Mailbag: investing in India
28:00 MercadoLibre stock (MELI)
31:00 Pop Mart stock (9992 HKG)
36:20 Toto stock (5332 TYO)
39:00 LVMH stock (MC EPA)
42:30 Matthew’s Pro Picks (Samsung, Alibaba, Vista Energy)
SponsorsFor over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://
raymondjames.ca today to discover how you can live a life well planned.
Pro Picks is brought to you by ATB Financial. Visit https://ATB.com/inthemoney for more information
CI Global Asset Management is a sponsor of this show. For more on CI Global Asset Management’s Emerging Market and Global Equity Funds head to:
Emerging market (F series)
EM ETF:
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DISCLAIMERS
The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.This episode features a portfolio manager from CI Global Asset Management which is one of our sponsors.
IMPORTANT DISCLAIMERS:
This episode of In the Money with Amber Kanwar with Matthew Strauss has been paid in part by CI Global Asset Management.
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Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund and exchange-traded fund (ETF) investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compound total returns net of fees and expenses payable by the fund (except for figures of one year or less, which are simple total returns) including changes in security value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds and ETFs are not guaranteed, their values change frequently, and past performance may not be repeated. You will usually pay brokerage fees to your dealer if you purchase or sell units of an ETF on recognized Canadian exchanges. If the units are purchased or sold on these Canadian exchanges, investors may pay more than the current net asset value when buying units of the ETF and may receive less than the current net asset value when selling them.
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In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.
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