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India’s Transformation: Key Takeaways
GLOBAL EQUITY
- Favorable demographics, low debt, and rising incomes support long-term consumption growth.
- Sectors such as financial services, technology, and clean energy are emerging as key beneficiaries of this policy-driven momentum.
India’s economic transformation continues to accelerate, with remarkable progress in both physical and digital infrastructure. These developments are reshaping how consumers live, work, and shop, and nowhere is this more visible than in the rise of quick commerce.
The rapid growth of this model—think delivery of groceries or everyday essentials in as little as 10 minutes—is fueled by several unique advantages in India. A massive smartphone user base and the widespread adoption of digital payments have helped to create a frictionless foundation for e-commerce. In addition, dense urban centers make ultra-fast delivery logistics viable.
Both local startups and global players are racing to capture this opportunity, investing heavily in artificial intelligence (AI)-driven logistics, micro-warehousing, and last-mile delivery solutions. While still a young industry, quick commerce is scaling at a pace few markets can match. We believe this underscores India’s role as a launchpad for digital-first consumer innovation.
Related Insights

India’s Power Play
Making the growth case for India involves answering one key question: How can India differentiate itself from China? In this episode of The Active Share, Hugo and Raghuram Rajan, a professor of finance at the University of Chicago’s Booth School of Business, discuss what it would take for India to evolve into a global economic powerhouse.

India's Wake-Up Call
Making the growth case for India involves answering one key question: How can India differentiate itself from China? In this episode of The Active Share, Hugo and Raghuram Rajan, a professor of finance at the University of Chicago's Booth School of Business, discuss what it would take for India to evolve into a global economic powerhouse.

Emerging Markets Equity 2025: Quality as the Path to Growth
We believe the underlying case for emerging markets equity is strong, and explore three key themes that highlight the breadth of opportunity in the asset class.
Featured Funds
WXCIX
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https://im.williamblair.com/investments/mutual-funds/wxcix-emerging-markets-ex-china-growth-fund
BESIX
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https://im.williamblair.com/investments/mutual-funds/besix-emerging-markets-small-cap-growth-fund
WBELX
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https://im.williamblair.com/investments/mutual-funds/wbelx-emerging-markets-leaders-fund
WBEIX
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https://im.williamblair.com/investments/mutual-funds/wbeix-emerging-markets-growth-fund
Featured Funds
LU1397782274
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https://im.williamblair.com/investments/sicav-funds/lu1397782274-emerging-markets-small-cap-growth-fund
LU0995405593
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https://im.williamblair.com/investments/sicav-funds/lu0995405593-emerging-markets-leaders-fund
LU0995405320
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https://im.williamblair.com/investments/sicav-funds/lu0995405320-emerging-markets-growth-fund
Featured Strategies
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https://im.williamblair.com/investments/separate-accounts/emerging-markets-ex-china-growth
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https://im.williamblair.com/investments/separate-accounts/emerging-markets-small-cap-growth
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https://im.williamblair.com/investments/separate-accounts/emerging-markets-leaders-concentrated
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https://im.williamblair.com/investments/separate-accounts/emerging-markets-leaders
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https://im.williamblair.com/investments/separate-accounts/emerging-markets-growth
Chinese Equities: Key Takeaways
GLOBAL EQUITY
- Targeted monetary easing, fiscal stimulus, and infrastructure investment continue to provide a cushion against cyclical headwinds.
- The country’s export destination has shifted, and demand is now primarily from the Global South.
- Investment in technological self-sufficiency could serve as a long-term growth driver.
Despite ongoing challenges from property-market weakness and weakened consumer confidence, the Chinese government has demonstrated a commitment and ability to support the economy via monetary, fiscal, and policy measures.
While the escalation of the U.S.-China trade conflict has raised concerns about growth, China’s exports have shifted meaningfully: They are increasingly diversified and now focus on other emerging markets (EMs), with nearly half going to the southern hemisphere. This diversification should help buffer the Chinese economy from U.S. tariffs.
At the same time, China is reprioritizing domestic consumption and accelerating investment in technological innovation. Advances in areas such as natural language processing, quantum computing, and drone technology, as well as swarming and collaborative robotics, underscore China’s ambition to move up the value chain and build self-sufficiency in critical technologies.
Featured Insights

China: Stimulus and Tariff Uncertainty Clouds Investment Environment
Trade Turbulence Challenges EMs

Global Equity Team Outlook: The Shifting Balance of Power
Featured Funds
WICGX
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https://im.williamblair.com/investments/mutual-funds/wicgx-china-growth-fund
BESIX
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https://im.williamblair.com/investments/mutual-funds/besix-emerging-markets-small-cap-growth-fund
WBELX
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https://im.williamblair.com/investments/mutual-funds/wbelx-emerging-markets-leaders-fund
BIEMX
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https://im.williamblair.com/investments/mutual-funds/biemx-emerging-markets-growth-fund
Featured Funds
LU1397782274
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https://im.williamblair.com/investments/sicav-funds/lu1397782274-emerging-markets-small-cap-growth-fund
LU0995405593
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https://im.williamblair.com/investments/sicav-funds/lu0995405593-emerging-markets-leaders-fund
LU0995405320
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https://im.williamblair.com/investments/sicav-funds/lu0995405320-emerging-markets-growth-fund
Featured Strategies
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https://im.williamblair.com/investments/separate-accounts/china-a-shares-growth
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https://im.williamblair.com/investments/separate-accounts/china-growth
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https://im.williamblair.com/investments/separate-accounts/emerging-markets-small-cap-growth
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https://im.williamblair.com/investments/separate-accounts/emerging-markets-leaders-concentrated
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https://im.williamblair.com/investments/separate-accounts/emerging-markets-leaders
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https://im.williamblair.com/investments/separate-accounts/emerging-markets-growth
European Defense: Key Takeaways
GLOBAL EQUITY
- A weakened Ukraine could leave the European Union (EU) exposed, forcing an urgent rearmament to deter Russian aggression.
- We believe emerging national defense champions and innovators are well positioned to help solve shortages, standardization gaps, and next-generation defense needs.
- Policy support and strong frontline demand are also driving investment opportunities, though fiscal limits and execution risks remain.
With U.S. defense guarantees less reliable and Russia’s threat rising, EU member states have been rapidly investing in their militaries after decades of underspending.
We believe Europe’s private sector will play a critical role in the continent’s rearmament. There is policy support for this across Europe, and EU nations have already committed to rapidly increasing defense spending.
But Europe’s rearmament faces three main hurdles: understocked militaries, fragmented equipment systems, and the need to keep pace with rapid advances in defense technology (including drones, which are reshaping modern warfare).
Meeting these challenges will require scale, standardization, and innovation. We believe the most compelling investment opportunities are companies that are transforming from narrowly focused specialists into multi-faceted national champions and small-cap innovators developing frontier technologies.
Geography and fiscal capacity also matters. Countries that are closer to Russia face a more imminent threat and have acted accordingly, and much of the EU simply does not have the funds to reach desired spending targets.
Related Insights

Mapping the Future of EU Defense Spending
Over the next five years, we believe select European defense stocks will create value for both their shareholders and EU stakeholders.

Building Europe’s Defense Backbone
Change and Opportunity in Europe’s Growth Markets
Featured Funds
WGFIX
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https://im.williamblair.com/investments/mutual-funds/wgfix-global-leaders-fund
WISIX
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https://im.williamblair.com/investments/mutual-funds/wisix-international-small-cap-growth-fund
WILIX
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https://im.williamblair.com/investments/mutual-funds/wilix-international-leaders-fund
BIGIX
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https://im.williamblair.com/investments/mutual-funds/bigix-international-growth-fund
Featured Fund
LU0995405759
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https://im.williamblair.com/investments/sicav-funds/lu0995405759-global-leaders-fund
Featured Strategies
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https://im.williamblair.com/investments/separate-accounts/global-leaders
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https://im.williamblair.com/investments/separate-accounts/international-small-cap-growth
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https://im.williamblair.com/investments/separate-accounts/international-leaders-adr
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https://im.williamblair.com/investments/separate-accounts/international-leaders
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https://im.williamblair.com/investments/separate-accounts/international-growth
African Debt: Key Takeaways
EMERGING MARKETS DEBT
- African issuers are under-represented in global bond indices, meaning even small allocations can enhance portfolio diversification.
- Competitive currency valuations and tighter monetary policy across key African markets have boosted yields.
- Political and economic risks remain, but ongoing reforms, stronger debt management, and growing foreign investor participation support attractive risk-adjusted returns.
While political volatility, currency fluctuations, and uneven economic recovery have created periods of heightened volatility in Africa, we believe the continent offers compelling debt opportunities, thanks to improving macroeconomic fundamentals, favorable demographics, and increasing investor interest in diversification outside traditional emerging markets (EMs).
Some countries—including Nigeria, Kenya, and Ghana—have benefited from higher commodity prices, stronger fiscal management, and structural reforms aimed at enhancing transparency and governance.
In addition, global macroeconomic pressures and reforms supported by the International Monetary Fund (IMF) have prompted some African countries to abandon unsustainable currency pegs and managed exchange rates, resulting in more competitively valued currencies. This is most notable in Nigeria and Egypt. At the same time, monetary policy tightening and sharp interest-rate hikes have bolstered yields.
As governments implement reforms, attract foreign investment, and strengthen debt management practices, we believe select African countries have the potential to deliver strong risk-adjusted returns for investors willing to navigate challenges.
Related Insights

Disruption Creates Opportunity in Emerging Markets Debt

Outlook 2025: Emerging Markets Debt in an Evolving World
We expect a favorable market environment for emerging markets debt in 2025 and believe that higher volatility induced by political noise could create opportunities for long-term investors.
Is Angola Ready to Re-engage with the IMF?
Featured Fund
WEDIX
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https://im.williamblair.com/investments/mutual-funds/wedix-emerging-markets-debt-fund
Featured Funds
LU2093691256
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https://im.williamblair.com/investments/sicav-funds/lu2093691256-emerging-markets-debt-hard-currency-fund
LU2093699408
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https://im.williamblair.com/investments/sicav-funds/lu2093699408-emerging-markets-debt-local-currency-fund
Featured Strategies
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https://im.williamblair.com/investments/separate-accounts/emerging-markets-debt
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https://im.williamblair.com/investments/separate-accounts/emerging-markets-debt-hard-currency
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https://im.williamblair.com/investments/separate-accounts/emerging-markets-debt-local-currency
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https://im.williamblair.com/investments/separate-accounts/emerging-markets-frontier-debt
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