Indosuez and Comgest Shift Focus Toward Emerging Markets

Indosuez Wealth Management remains overweight in emerging markets, with CIO Alexandre Drabowicz pivoting toward Latin American commodities. He views copper, silver, and tin as vital components for the global transition to artificial intelligence and renewable energy. Despite this optimism, Drabowicz avoids the semiconductor giants favored by many of his peers, preferring to steer clear of TSMC and SK Hynix. He maintains a cautious stance on French luxury goods, citing a cooling in Chinese consumer demand, while increasing his firm's exposure to gold as a hedge against geopolitical instability.

In contrast, Nick Payne, head of global emerging markets at Comgest, finds value precisely where Drabowicz demurs. Comgest actively holds positions in Samsung Electronics, SK Hynix, and TSMC, arguing that Asian tech valuations remain more attractive than those in the United States. Payne is overweight in Taiwan, Brazil, South Africa, and India, where he targets financial firms like Bajaj Finance and Capitec. He remains skeptical of China’s domestic consumption outlook but anticipates that a weakening dollar will ultimately bolster emerging market equities.

Looking toward 2026, Indosuez plans to launch a suite of Irish-domiciled active ETFs in Europe. The firm intends to leverage Amundi’s platform to deliver four distinct products, ranging from quantitative-based equity strategies to flexible, unconstrained global equity funds. This expansion highlights a broader industry trend of integrating active management expertise into the liquidity of the ETF structure, a direction that Comgest’s Payne has notably declined to follow.