Latin American domestic debt is already fresh off its best annual rally since 2009.
A relentless decline in Chinese equities has drawn interest from some market participants.
Fiera Capital has handed holders of its EM Select Fund a 29% return in the past 12 months.
Geopolitical tensions have also added to a sour mood amid fears of supply-chain disruptions.
Emerging markets are almost certain to outperform the US over the longer term, the firm said.
Investors can expect more uncertainty as high interest rates impact the global economy, the firm said.
Many market prognosticators were caught wrong-footed last year by predictions that the US stock market would bottom in 2023.
Public debt across has soared to more than 112% of GDP in the First World, and bond investors can't overlook soaring budget deficits.
For now, the worst-case scenarios appear to be the least likely.
The bank sees less upside for global stocks this year.
The Global X MSCI Argentina ETF was the best-performing single-country equity ETF in the world in 2023.
Concerns about China and geopolitical tensions should again weigh on emerging markets, analysts said.
Emerging-market stocks have gained 16% this year excluding China.
The MSCI World Index is just 3% from its peak after climbing 21% this year.
This outperforming Pzena fund says the relentless selling of Chinese stocks is overdone.
The central bank policies in developing economies are luring investors to local bonds.
Contrary to many analysts' expectations, emerging markets have not spiraled into a debt crisis.
A growing band of global fund managers is calling time on this year's relentless selloff in Chinese assets.
U.S. stocks were also more favored by investors than international ones.
Leading economists' misdiagnosis of inflation in 2021-22 was the latest episode in a long-running series of failures.