For years, U.S. markets felt unstoppable. Now the script is
flipping.
On this episode of In the Money with Amber Kanwar, Matthew
Strauss, SVP, Portfolio Manager & Lead – Global Equities at
CI Global Asset Management, makes the case for rotating into
global and emerging market equities. After years of American
dominance, Matthew argues that stretched U.S. valuations, crowded
positioning, and a shifting growth differential are finally
pushing investors to look abroad.
Matthew, who has been investing in emerging markets since the
1990s, breaks down how the asset class has matured — from serial
crises to more disciplined fiscal policy, freer-floating
currencies, and stronger domestic growth engines. He explains why
today’s emerging markets are no longer just export stories, why
China, Taiwan, South Korea and India now dominate the field, and
why widening economic growth differentials could support another
year — or even two — of international outperformance.
In the Mailbag, we globe-trot through investor questions on India
where Matthew remains constructive long term but cautious near
term given valuations and slowing flows. We discuss MercadoLibre
(MELI) and rising competition from Amazon (AMZN) and Sea Limited
(SE), why he exited Pop Mart (9992.HK) after peak Labubu growth,
the activist push at Japanese toilet-maker Toto and what that
says about the Japanese market (5332.T), and whether luxury giant
LVMH (MC.PA) needs a stronger Chinese consumer before becoming
attractive again.
In Pro Picks, Matthew shares three high-conviction international
ideas. First, Samsung Electronics (005930.KS), where he sees
upside from high-bandwidth memory (HBM4) tied to the AI build-out
despite lingering execution risks. Second, Alibaba (BABA), which
he believes is evolving from a pure e-commerce story into a
full-stack AI cloud infrastructure player in China. And third,
Vista Energy (VIST), a fast-growing Argentine shale producer with
improving well productivity, low break-even costs around $45 oil,
and a disciplined balance sheet positioned to benefit from
export-priced crude.
And don’t forget: to vote on your favourite In the Money swag
ideas head to: https://www.surveymonkey.com/r/XKGW2HT
** A previous version of this episode included references to a
short report about Reliance Industries and the Ambani family
instead of the Adani Group and Adani family. We have removed the
question from the episode. We regret the error.
Timestamps
00:00 Show trailer
02:20 Intro
04:40 What is different about emerging markets today vs. the
90s?
07:20 Forget about the BRICS acronym
09:50 Why are global markets performing better than
U.S.?
12:50 Why haven’t tariffs dented global growth
prospects?
14:00 Why Mag 7 are top holdings
17:50 Expects another year or 2 of global market
outperformance
22:05 ITM Mailbag: investing in India
28:00 MercadoLibre stock (MELI)
31:00 Pop Mart stock (9992 HKG)
36:20 Toto stock (5332 TYO)
39:00 LVMH stock (MC EPA)
42:30 Matthew’s Pro Picks (Samsung, Alibaba, Vista Energy)
Sponsors
For over 25 years, Raymond James has been helping Canadians
achieve their financial goals. Visit https://raymondjames.ca
today to discover how you can live a life well planned.
Pro Picks is brought to you by ATB Financial. Visit
https://ATB.com/inthemoney for more information
CI Global Asset Management is a sponsor of this show. For more on
CI Global Asset Management’s Emerging Market and Global Equity
Funds head to:
Emerging market (F series)
https://funds.cifinancial.com/en/funds/mutual-funds/CIEmergingMarketsFund.html?classId=298&type=-1&redirect_type=class_id¤cySelector=1&cid=inthemoney_podcast_fnd-en_CIGAMIntheMoneyPartnership2026
EM ETF:
https://funds.cifinancial.com/en/funds/ETFS/CIEmergingMarketsAlphaETF.html?currencySelector=1&classId=482&redirect_type=class_id&cid=inthemoney_podcast_fnd-en_CIGAMIntheMoneyPartnership2026
CI Global Equity Fund (F Series):
https://funds.cifinancial.com/en/funds/mutual-funds/CIGlobalEquityFund.html?classId=298&type=-1&redirect_type=class_id¤cySelector=1&cid=inthemoney_podcast_fnd-en_CIGAMIntheMoneyPartnership2026
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DISCLAIMERS
The content provided in this podcast is for informational
purposes only and does not constitute financial, investment, or
professional advice.The views expressed by the host and guests
are their own and do not necessarily reflect the opinions of any
organization or company. The host and guests may maintain
positions in any securities discussed on the podcast. Always
consult with a qualified financial advisor or professional before
making any investment decisions.This episode features a portfolio
manager from CI Global Asset Management which is one of our
sponsors.
IMPORTANT DISCLAIMERS:
This episode of In the Money with Amber Kanwar with Matthew
Strauss has been paid in part by CI Global Asset Management.
This podcast is provided as a general source of information. The
opinion and information provided in this discussion are solely
those of the speaker(s) and are not to be used or construed as
personal, legal, accounting, taxation or investment advice, or as
an endorsement or recommendation of any entity or security
discussed or provided by CI Global Asset Management.
Individuals should seek the advice of professionals, as
appropriate, regarding any particular investment.
Commissions, trailing commissions, management fees and expenses
all may be associated with mutual fund and exchange-traded fund
(ETF) investments. Please read the prospectus before investing.
The indicated rates of return are the historical annual compound
total returns net of fees and expenses payable by the fund
(except for figures of one year or less, which are simple total
returns) including changes in security value and reinvestment of
all distributions and do not take into account sales, redemption,
distribution or optional charges or income taxes payable by any
securityholder that would have reduced returns. Mutual funds and
ETFs are not guaranteed, their values change frequently, and past
performance may not be repeated. You will usually pay brokerage
fees to your dealer if you purchase or sell units of an ETF on
recognized Canadian exchanges. If the units are purchased or sold
on these Canadian exchange...
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