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In emerging markets (EM) debt, separating trading from settlement is a convenient fiction—and an expensive one. The execution of a buy or sell order is often treated as the finish line. 

International equities entered 2026 with momentum. After outperforming US stocks in 2025, they continued to lead during the first several weeks of the year, prompting renewed discussion about whether the long era of US market dominance was beginning to fade.

In emerging markets (EM) debt, the opportunity set is not defined by what exists. It is defined by what you can access. This distinction matters more than most investors appreciate.

In this month’s edition, we highlight the expansion in global manufacturing activity and the strong earnings outlook for the S&P 500® Index, both standalone and relative to Europe. We also spotlight a leading financial CEO’s perspective on how AI is reshaping banking, client relationships and capital markets.

When investors compare emerging markets (EM) debt managers, most attention focuses on investment views, including philosophy, country selection and risk measurement. Investors typically pay far less attention to how those views are implemented, even though the gap between an investment decision and its realized outcome is often where costs accumulate or are avoided. It is within this gap that trading capabilities in EM debt can become a meaningful differentiator between managers. 

Recent tensions involving Iran and the Strait of Hormuz have once again highlighted the role energy security plays in the global economy. While the events themselves are not reshaping the direction of the energy transition, they do reinforce an increasingly important reality for emerging markets (EM): energy security and energy transition are becoming more intertwined, not less.

In this month’s edition, we highlight the sharp inflection in US core capital goods orders—signaling a potential structural uplift in manufacturing—alongside a supportive earnings backdrop for the S&P 500® Index. We also examine evolving market dynamics, from narrowing leadership and rising global power demand to geopolitical shifts in energy markets and spotlight a recent segment featuring perspectives on risk management and disciplined, independent thinking.

The Antero Peak Bulletin is a monthly resource from the Antero Peak Group featuring a “Chart of the Month,” timely market insights from the research team and a curated “Worth a Listen” highlight.

In this month’s edition, we highlight the rising outlook for the S&P 500® Index’s 2026 projected earnings, the constructive market backdrop—from global manufacturing to resilient consumers and robust capital markets activity—and a CEO interview spotlighting how AI is reshaping competitive dynamics.  

In the spirit of continuous improvement, the Antero Peak Group actively reads to further develop perspectives on financial markets and investing, leadership and life experiences. Please see a list of books that have challenged our thinking over the last several years.

When launching an emerging markets (EM) debt fund, one of the most consequential decisions occurs well before the first trade: selecting a global custodian. It is an infrastructure choice that quietly, but decisively, shapes the investable universe—and by extension, a fund’s alpha potential..

In EM debt, custody is not simply a utility. It is the gatekeeper.