Are emerging markets ready for a comeback, Baillie Gifford’s Roddy Snell?

Grillissä kasvuhtiöihin erikoistuneen Baillie Gifford -varainhoitoyhtiön partneri ja kehittyvien markkinoiden salkunhoitaja Roddy Snell. Haastattelu on tekstitetty suomeksi. Laita tekstitykset päälle soittimen alareunan valikosta! After 15 years of investor neglect, emerging markets are trading at a steep discount to developed markets. Baillie Gifford's Roddy Snell sees three reasons for optimism: attractive valuations, stronger macroeconomic fundamentals and faster economic growth. But what could finally trigger a comeback? Snell points to two key factors: China and the US dollar. He believes the worst may be behind in China — and argues that in areas ranging from electric vehicles and batteries to solar power and AI, Chinese companies are already leading the world. In this episode, we discuss BYD, CATL, Luckin Coffee, Petrobras, Kaspi, EO Technics and the semiconductor giants TSMC, Samsung and SK Hynix. Snell explains why his funds have such large positions in these three semiconductor companies, and why he believes the current memory-chip cycle may be fundamentally different from those of the past. We also talk about the biggest risks to the emerging-markets thesis — from a US recession to problems in China and tensions around Taiwan. And finally: will emerging markets get the green, red or black mustard? The interview was recorded in Edinburgh on August 21, 2026. Subtitles available. Turn them on using the CC button in the video player.