Jonathan Armitage
speaker
132 appearances
2 recordings
1 series
first heard Apr 2026
last heard 1 Jul
Jonathan Armitage’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsRecordings per month over the last 12 months — 2 in all, peaking in Jul 2026 with 1.
Appearances
interest rates and the yield on government bonds was pretty low.
And perhaps that was the abnormality.
And what we're seeing now is more a move back to both yields, volatility, inflation that we had seen back in sort of 70s and 80s, albeit driven by perhaps some other factors.
So we actually increased our exposure to emerging markets quite materially about 18 months ago.
And it was really driven by a simple thing that
The valuation discrepancy between emerging markets and developed markets was probably the largest you'd seen since the Asian financial crisis in the late 90s.
And we just sort of felt that that valuation discrepancy would narrow at some point.
It's probably happened faster than we would have thought.
But I think a catalyst to that was the emergence of DeepSeek, the AI model in China, which
I think took a lot of investors by surprise.
But what it did is it highlighted this sort of significant valuation discrepancy between the way that certainly US tech companies were being valued relative to tech companies pretty much anywhere else.
We think they provide good diversification, and you're still seeing good growth coming out of those economies, particularly some of those North Asian areas, and therefore think it's a very interesting place to put our clients' money to work.
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