Investment Universe
By investing in regions with varying levels of market maturity and risk profiles, we seek to deliver long-term value and sustainable growth for our investors.

Investment Universe

EFM Funds focus on a diverse range of emerging and frontier Markets, targeting that present unique growth opportunities and investment potential. Our core investment universe spans countries with robust economic fundamentals, strategic geopolitical significance, and dynamic market environments.

Emerging Markets

Americas

Europe, Middle East & Africa

Asia

Brazil

Czech Republic

China

Chile

Egypt

India

Colombia

Hungary

Indonesia

Mexico

Israel

Korea

Peru

Morocco

Malaysia

Poland

Philippines

Russia

Taiwan

South Africa

Thailand

Turkey

Frontier Markets

Americas

Central & Eastern Europe & CIS

Africa

Middle East

Asia

Argentina

Bulgaria

Botswana

Bahrain

Pakistan

Jamaica

Croatia

Ghana

Jordan

Sri Lanka

Trinidad

Estonia

Kenya

Lebanon

Vietnam

Tobago

Lithuania

Mauritius

Oman



Kazakhstan

Nigeria

Qatar


Romania

Tunisia

Saudi Arabia


Serbia


United Arab Emirates


Ukraine



Core Investment Universe

Emerging Markets

China 🇨🇳

China, classified as an upper middle-income country by the World Bank, is the world’s second-largest economy. 

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China

China, classified as an upper middle-income country by the World Bank, is the world’s second-largest economy. The country’s growth was hindered in 2022 due to prolonged COVID lockdowns and restrictions. However, as normalcy returns, growth is expected to rise with a projection of 4.5% for 2024. This economic rebound is anticipated to positively impact the region. Nonetheless, China faces challenges from the global slowdown affecting its exports and ongoing weaknesses in its real estate sector. For 2023, China’s GDP is projected to be $19.37 trillion, accounting for 18.43% of global GDP. By 2028, it is estimated that China’s GDP will reach $27.5 trillion, representing 20.5% of the global GDP.

India 🇮🇳

Amid global economic uncertainties, India stands out with strong macroeconomic fundamentals, fiscal discipline, high saving …

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India

Amid global economic uncertainties, India stands out with strong macroeconomic fundamentals, fiscal discipline, high saving rates, robust domestic demand, and political stability. The government is committed to enhancing capital spending, particularly on infrastructure, to drive growth and competitiveness. India’s domestic consumption-led economy has been bolstered by a rising middle class and shifting spending patterns. The country’s nominal GDP is projected to reach $5.57 trillion by 2028, positioning India as the world’s third-largest economy. Classified as a lower middle-income nation by the World Bank, India is anticipated to have a GDP of $26 trillion by 2047, the 100th year of its independence, with per capita GDP surpassing $15,000, according to an EY report.

Brazil 🇧🇷

Brazil, classified as an upper middle-income nation by the World Bank, is the largest economy in Latin America.

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Brazil

Brazil, classified as an upper middle-income nation by the World Bank, is the largest economy in Latin America. Brazil’s GDP is projected to reach $2.75 trillion by 2028, positioning it as the eighth largest globally. The country houses over 60% of the Amazon rainforest, the world’s largest tropical forest. Despite strong agricultural growth driven by global demand, high prices, and technological advancements, Brazil faces challenges such as public corruption, political instability, inflation, employment issues, and income inequality. These factors have created structural bottlenecks, preventing the country from fully realizing its growth potential in recent years, despite its favorable demographics.

South Korea 🇰🇷

South Korea’s transformation from a war-torn country to a ‘trillion-dollar club’ economy has been extraordinary.

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South Korea

South Korea’s transformation from a war-torn country to a ‘trillion-dollar club’ economy has been extraordinary. According to the World Bank, government policies drove an average real GDP growth of 10% annually from 1962 to 1994. The Asian financial crisis, however, highlighted vulnerabilities such as excessive short-term foreign debt, leading to a sharp GDP contraction. Today, South Korea is a leader in innovation and technology, hosting globally renowned companies like Samsung Electronics, Hyundai Motors, Kia Motors, Hyundai Heavy Industries, and POSCO. With a projected GDP of $1.72 trillion for 2023, South Korea is the 12th largest economy, and it is expected to reach $2.12 trillion by 2028. The country remains one of the most export-dependent industrialized nations in the world.

Mexico 🇲🇽

Mexico, known for its rich cultural heritage and abundant natural resources, is the 14th largest economy….

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Mexico

Mexico, known for its rich cultural heritage and abundant natural resources, is the 14th largest economy globally and the second-largest in Latin America. Despite notable progress over the past three decades, Mexico has not fully realized its potential. Since NAFTA was signed in 1993, Mexico’s average annual GDP growth rate of 2% has lagged behind many emerging markets, partly due to high labor informality (56%), poverty (44%), and decreasing oil production. Mexico’s GDP for 2023 is estimated at $1.67 trillion and is projected to reach $2 trillion by 2028. Classified as an upper middle-income economy by the World Bank, Mexico holds 6.1 billion barrels of proven oil reserves and is a member of OPEC+.

Indonesia 🇮🇩

Indonesia, the world’s largest archipelago, is the 15th largest economy globally and the largest in Southeast Asia.

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Indonesia

Indonesia, the world’s largest archipelago, is the 15th largest economy globally and the largest in Southeast Asia. Over the 30 years leading up to 1997, the country experienced an average annual growth rate of 7%. However, the Asian financial crisis of 1997 severely impacted Indonesia, leading to a double-digit GDP contraction. The country implemented corrective policies that helped mitigate the effects of the 2008 financial crisis. Despite these measures, the COVID-19 pandemic adversely affected its economy, prompting the World Bank to reclassify Indonesia from an upper-middle-income to a lower-middle-income nation. Currently, Indonesia is in the final phase of its 20-year development plan (2005-2025), which aims to enhance its economy by improving human capital and global competitiveness. For 2028, Indonesia’s GDP is projected to reach $2 trillion.

Saudi Arabia 🇸🇦

Saudi Arabia, officially the Kingdom of Saudi Arabia, holds the world’s second-largest proven oil reserves. 

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Saudi Arabia

Saudi Arabia, officially the Kingdom of Saudi Arabia, holds the world’s second-largest proven oil reserves. As the top global producer and exporter of oil, petroleum is central to its economy. In 2022, the economy grew by 8.7%, driven by high oil prices, increased private investment, and reform implementation. Recognizing its heavy reliance on oil, Saudi Arabia has sought to diversify its economy over the past decade. The country joined the World Trade Organization in 2005 to enhance global market access, create jobs, and attract foreign investment. In 2022, non-oil GDP grew by 4.8%, with wholesale, retail trade, construction, and transport being key contributors. The current economic expansion is marked by low unemployment and inflation. For 2028, the GDP is projected to reach $1.25 trillion by 2028.

Turkey 🇹🇷

Türkiye is the 19th largest economy globally and has entered the ‘trillion-dollar economy’ club according to IMF data.

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Turkey

Türkiye is the 19th largest economy globally and has entered the ‘trillion-dollar economy’ club according to IMF data. Türkiye’s real GDP grew by an average of 5% annually between 2002 and 2018, earning it upper-middle-income status. However, since 2018, the economy has struggled with high inflation, a rising current account deficit, and increasing external debt. In early 2023, a severe earthquake in southern Türkiye caused significant damage, though the subsequent reconstruction efforts are expected to mitigate the negative impacts on economic activity. The unemployment rate is anticipated to remain around 10%, with inflation likely staying above 40% in 2023 and 2024. The economy is projected to expand to $1.33 trillion by 2028.

Taiwan 🇹🇼

Taiwan’s dynamic market economy holds a significant place in the global landscape, often celebrated for its …

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Taiwan

Taiwan’s dynamic market economy holds a significant place in the global landscape, often celebrated for its remarkable transformation from poverty to prosperity, known as the ‘Taiwan Miracle.’ Since the 1980s, Taiwan has become a leader in the high-technology sector, particularly in information and communication technology. It is home to globally recognized companies such as Taiwan Semiconductor Manufacturing Company Ltd. (TSM), ASE Technology Holding Co., Ltd. (ASX), United Microelectronics Corporation (UMC), Chunghwa Telecom Co., Ltd. (CHT), Himax Technologies, Inc. (HIMX), Foxconn/Hon Hai Precision Industry Co., MediaTek Inc., Formosa Petrochemical Corporation, and Delta Electronics, Inc. Classified as a high-income economy by the World Bank, Taiwan’s GDP is projected to exceed $1 trillion by 2029, according to IMF data.

Poland 🇵🇱

Poland’s economy has demonstrated consistent growth and resilience for over 25 years, establishing ….

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Poland

Poland’s economy has demonstrated consistent growth and resilience for over 25 years, establishing itself as one of Europe’s most robust economies. According to the World Bank, factors such as a solid macroeconomic framework, effective use of European Union investment funds, a stable financial sector, improved access to long-term credit, and integration into European labor markets have fostered long-term growth and poverty reduction. Poland ranks as the 21st largest economy globally. It is expected to join the trillion-dollar economy club by 2028. The country’s economic growth is primarily driven by exports and domestic consumption. However, Poland faces challenges from high inflation and slowing growth exacerbated by the ongoing Russia–Ukraine conflict, and has welcomed one million Ukrainian refugees.

Frontier Markets

Vietnam 🇻🇳

One of Southeast Asia’s most competitive, Vietnam is well-positioned to benefit from the ongoing US-China trade war. 

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Vietnam

One of Southeast Asia’s most competitive economies, Vietnam is well-positioned to benefit from the ongoing US-China trade war. Beyond geopolitical tensions, China is losing manufacturing to Vietnam due to rising labor and utility costs. Since the 2000s, these increased costs have led businesses in the United States to save money by either importing from Mexico or producing goods locally rather than shipping from China. As sanctions and rising costs prompt many firms to seek alternatives to Chinese manufacturing, Vietnam stands out due to its low labor costs, supportive government, and proximity to established supply chains in China. For investors, trading stocks in Vietnam offers a valuable opportunity to access frontier markets, with plentiful options available on two stock exchanges: one in Ho Chi Minh City and another in Hanoi, each hosting around 300 listed companies.

Sri Lanka 🇱🇰

Sri Lanka is a strategically important country in South Asia that is strategically located for maritime and trade. 

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Sri Lanka

Sri Lanka is a strategically important country in South Asia that is strategically located for maritime and trade. The country stands to benefit significantly from the growth of its neighbour India to its North. Within 45min flying time of Colombo the capital, major Indian cities can be reached and access to a population of 400mn. In terms of the economy the external sector is expected to improve on many fronts because of efforts to stabilize the economy and implement reforms. The Sri Lanka rupee appreciated sharply by 8.67% for the year ended 31st March 2024. Gross official reserves increased to USD 5.5 bn by April 2024 from USD 1.9 Bn by the end of 2022. Further, the Central government debt as a percentage of GDP declined, primarily due to nominal GDP Growth and rupee appreciation. Annual average inflation of 46.40% in 2022, recorded rapid disinflation, reaching lower single-digit levels towards the end of 2023. Following the enactment of the Central Bank of Sri Lanka Act (CBA), the Central Bank strives to maintain year-on-year headline inflation at 5%. CBSL’s monetary policy set the Standing Deposit Facility Rate and the Standing Lending Facility Rate at 8.25% and 9.25%, respectively, as of August 31, 2024, leading to a reduction in market interest rates. Consequently, the improved economic conditions and ongoing reforms have created a favorable environment for investors in Sri Lanka’s equity market. Further to this the number of listings will increase with the privatization of State owned enterprises.

Mongolia 🇲🇳

Mongolia, situated strategically between China and Russia, has a distinct economy compared to its larger neighbors. 

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Mongolia

Mongolia, situated strategically between China and Russia, has a distinct economy compared to its larger neighbors. With a population of just three million, Mongolia is the least densely populated country in the world. The nation is rich in mineral resources, including coal, copper, tin, iron, and gold, which are highly sought after by China as its own reserves deplete. This has led to significant Chinese investment, boosting everything from Mongolian stocks to real estate in the capital, Ulaanbaatar. While some analysts view this as a bubble, there is potential for substantial growth, especially considering that China’s economy is about 1,000 times larger than Mongolia’s. Even in a worst-case scenario where China experiences a “hard landing,” its need for resources could still support the Mongolian economy. Despite Mongolia’s lack of direct sea access, which makes it reliant on China for trade, strong demand for its resources and favorable political relations suggest it will maintain good connections to global trade routes. The Mongolian Stock Exchange (MSE) hosts over 200 companies, offering more variety than typically expected from a frontier market stock exchange.

Kazakhstan 🇰🇿

China’s Belt and Road Initiative aims to revive the ancient Silk Road by investing billions of yuan in …

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Kazakhstan

China’s Belt and Road Initiative aims to revive the ancient Silk Road by investing billions of yuan in infrastructure projects like railways and ports, primarily targeting countries across Eurasia. Kazakhstan’s participation is crucial for the success of this modern Silk Road due to its strategic location as the 9th largest country by area. While Kazakhstan has significant oil and uranium reserves that contribute to its wealth, it also has a diverse economy with sectors including automobile and electronics manufacturing. Additionally, the country’s low taxes and favorable funding environment are fostering a tech boom, creating numerous business opportunities. Investors can explore the Kazakhstani market through its stock exchange, which lists approximately 130 public companies.

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