Energy, gold and emerging markets, the winners of the first two months

Investments in energy, gold, materials, consumer staples and emerging markets led gains in the first two months of 2026.

Gold achieved its seventh consecutive monthly rise in February due to demand for safe haven assets. The uncertainty about the tariff policies of the United States and the tensions between that country and Iran boosted the attractiveness of the metal as protection, although it had significant setbacks, but little by little it rose again.

In the first two months the profitability of energy was 23 percent; that of gold, 20 percent; materials, 17 percent, and emerging markets, 15 percent.

Meanwhile, economic uncertainty in developed countries stimulated interest in their emerging peers, which still have room for growth. Thus, the behavior of the funds shows that managers increased long positions in stocks in Asia and Latin America, according to a Citigroup report. They also favor emerging currencies against the dollar.

Despite the inclination towards emerging markets for their returns, some investors placed confidence in countries with fiscal deterioration. Meanwhile, many emerging economies in Africa and Latin America are also benefiting from the commodities boom.

Emerging markets are economies and financial systems that are growing rapidly and becoming increasingly connected to the world. They are not powers, but they show clear dynamism: expansion of their middle classes, institutional improvements and investment opportunities that are attractive to international capital.

Emerging market assets may be even more interesting, Skandia said. However, factors such as domestic fiscal policy, the political climate, and economic growth expectations will strongly influence the ability to maintain and expand the share of international flows.

Thus, emerging markets not only constitute growth centers on the global economic map, but are attracting an unprecedented volume of investment.

Emerging markets reach 2026 with more solid fundamentals: better contained inflation, central banks with greater credibility, more disciplined fiscal balances and a resilient growth cycle in the face of the slowdown in developed economies.

“We rate emerging market stocks as ‘attractive’ within our global equity strategy. We expect earnings growth to accelerate, with MSCI Emerging Index earnings rising from 11 percent in 2025 to 16 percent in 2026, driven by adoption of artificial intelligence and higher commodity prices. Emerging markets continue to trade at a notable discount to global peers, and positioning remains conservative, leaving room for a increase in global allocations,” said UBS Global Wealth Management.