Emerging markets are on a hot streak, with currencies climbing, local bonds attracting fresh inflows, and equities outperforming their developed market counterparts. The rally has sparked optimism among global investors—but it’s also raising eyebrows.

Beneath the surface lies a complex mix of geopolitical flashpoints, trade policy uncertainty, and stretched valuations, all of which could challenge the staying power of recent gains.

Can this momentum hold as we move deeper into the year? Are investors overlooking key risks in their chase for returns? And what might tip the balance between resilience and reversal in emerging markets?

On Wealth Tracker, Hongbin Jeong speaks to Gary Tan, portfolio manager for the Intrinsic Emerging Markets Equity team at Allspring Global Investments, to find out more.