Summary

• Emerging market equities have had a remarkable run in 2026, with the MSCI Emerging Markets Index up 22% YTD.
• While the index may have risen by 22%, 14% of this can be accounted for by just three companies: TSMC, Samsung Electronics and SK Hynix.
• We firmly believe that the history of financial markets is one of the most useful tools available to investors, helping us to better understand the new and innovative developments that occur in the world.

By Vera German & Juan Torres

When a handful of stocks drive an entire index, history suggests investors should pay close attention

“Each time history repeats itself, the price goes up” - Ronald Wright, 'A Short History of Progress'