Robeco returns to Argentine stocks after nearly a decade, signaling broader shift in emerging market sentiment

It took roughly ten years for Robeco, one of Europe’s heavyweight emerging-market asset managers, to decide Argentina was worth the risk again. The Dutch firm has re-entered Argentine equities after pulling out around 2016-2017, joining a growing chorus of institutional investors who seem to believe the country’s “this time is different” pitch might actually be different this time.

The Milei effect on institutional appetite

Since Milei took office in late 2023, his administration has pursued what’s been described as economic “shock therapy” — ripping off decades of capital controls, currency manipulation, and inflation that at times exceeded 200% annually.

Argentina’s Merval index posted gains exceeding 60% during certain rallies in 2024. The Global X MSCI Argentina ETF has absorbed $63 million in inflows year-to-date, a figure that would have seemed almost absurd just a few years ago when the country was essentially uninvestable for most institutional mandates.

Why crypto investors should care about Argentine equities

Argentina consistently ranks among the top 10 countries globally for cryptocurrency adoption, driven largely by citizens who learned the hard way that trusting the peso is a losing bet.

The $Libra token situation added a distinctly crypto-flavored layer of chaos to Argentina’s political landscape. Milei’s administration promoted the token, which subsequently triggered investigations into potential improprieties within the government starting in February 2025.

What investors should watch from here

Argentina was downgraded to standalone market status by MSCI in 2009, effectively removing it from the emerging markets index that billions of dollars in passive capital track. A reclassification back to emerging market status would mechanically force index funds to buy Argentine stocks.

Stan Druckenmiller has already taken positions in Argentine equities, lending credibility to the thesis that the country’s turnaround has legs.

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