Eastspring’s Steven Gray on why EM equities face a pivotal moment now
INTERVIEWSERIES
Steven Gray, Head of Global Emerging Markets and Regional Asia Value Equities, Eastspring Investments
October 2025
In this exclusive interview, Steven explains why emerging market equites remain strategically relevant for investor portfolios, despite a challenging decade. He discusses why EM faces a pivotal moment in the current environment, with structural reforms and global shifts under way, attractive valuations and the persistence of tailwinds despite tariffs.
Watch the full interview which covers:
00:19 - Does the disappointing performance of Emerging Markets over the last 10 years suggest it is no longer as relevant for inclusion in pension fund mandates?
01:47 - What makes now a pivotal moment for EM equities?
04:34 - Why do you think the China equity market can be supportive to EM post the recent rally?
07:33 - Do the tailwinds supporting EM remain valid in this new world of tariffs?
08:54 - What should investors consider when increasing exposure to EM equities?
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Steven Gray, Head of Global Emerging Markets and Regional Asia Value Equities, Eastspring Investments
Steven Gray is the Head of Global Emerging Markets (GEM) and Regional Asia Value Equities at Eastspring Investments, responsible for the firm’s GEM and Asia Value equity capabilities. He is also Lead Manager for the GEM Dynamic strategy.
Steven joined Eastspring Investments as Portfolio Manager in August 2012. Prior to joining Eastspring Investments, Steven worked with GIC Asset Management in the Emerging Markets Non-Asia department as the Senior Vice President –Head of Equity Research managing a team of 7 sector focused analysts covering non-Asian emerging markets.
Earlier on, Steven had a very successful career as a fund manager in South Africa, managing one of the largest funds in the country. Steven has more than 35 years of financial industry experience.
Steven is a CFA charterholder and holds a Bachelor of Business Science from the University of Cape Town, and a Master of Business Administration from UCT Graduate School of Business in South Africa.
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