In an op-ed, he cites weakening confidence in the US, fiscal-dominance fears and cheap emerging-market currencies as signs investors are reallocating capital.
Ness says emerging markets offer higher GDP growth, younger demographics, fiscal discipline and cheaper valuations than US equities and other developed-market assets.
He still flags governance risks and Asian concentration, but says improving corporate standards and earnings could make this year's emerging-market rally more durable than past false starts.
Are emerging markets' improved economies strong enough to finally break their dependence on U.S. financial policy?
As investors seek new havens, which emerging markets will win the race for 'friend-shored' geopolitical capital?
With U.S. debt soaring, can an AI boom prevent a long-term decline and uphold its market dominance?