A New Way to Trade Emerging Markets

20 snips

Feb 27, 2026

Stratford Dennis, head of emerging markets equities trading at Goldman Sachs, offers market commentary and trading perspective. He breaks down why EMs are rallying and why China is lagging. He discusses Brazil’s outlook, how a weak dollar helps EM, and where to position after the rally using structured option strategies.

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INSIGHT

Flows And Fundamentals Powering EM Rally

Emerging markets rally is driven by large inflows and stronger fundamentals.
Stratford Dennis cites ~$45 billion YTD inflows that already surpass last year's full-year level and improving EM earnings.

INSIGHT

China's Rally Lacked Earnings Support

China is lagging because last year's gains were multiple expansion not earnings growth.
Dennis notes exporters are doing OK but domestically exposed firms lag and flows favor Korea, Taiwan and Japan over China.

INSIGHT

Brazil Benefits From Cuts Commodities And Election Optionality

Brazil is attractive for cuts, commodity exposure, and election upside but is less cheap than before.
Dennis expects ~250 basis points of rate cuts starting soon and notes positioning is less underweight than historically.

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Emerging market equities have continued to rally in 2026. What’s driving the gains, and where are the opportunities now? Stratford Dennis, head of emerging market equities trading in Goldman Sachs Global Banking & Markets, discusses with Chris Hussey on the Goldman Sachs trading floor.

Recorded on February 26, 2026.

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