JPMorgan: EM Equities to Outperform Again in 2026, India a Top Pick

• JPMorgan expects emerging market (EM) equities to outperform again in 2026, naming India as a top pick.
• The MSCI EM Index surged nearly 30% year-to-date in 2025, significantly outpacing India and most developed markets.
• EM equities are projected to benefit from attractive valuations, light investor positioning, and a stable-to-weaker US dollar.
• Despite a sharp rally, EM equities remain 30%-50% cheaper than developed-market peers, trading at 13.5x forward earnings.
• JPMorgan anticipates macro tailwinds, including potential Fed rate cuts that could weaken the dollar and boost EM currencies and fixed income.

Why It Matters: JPMorgan's forecast indicates strong investment potential in EM, including India.