It took nearly a decade for one of Europe's biggest emerging-market investors to return to Argentine stocks. Robeco, the Dutch asset manager overseeing $18 billion in emerging-market equities, has resumed buying Argentine shares after a prolonged absence. The move signals growing confidence in the South American nation's economic trajectory under President Javier Milei's reform agenda. Portfolio manager Jaap van der Hart, who runs the Robeco Emerging Markets Equities fund, began accumulating positions in Argentine banks and energy companies in recent months.

The fund's return follows years of macroeconomic volatility, capital controls, and sovereign defaults that drove foreign investors away. Milei's shock therapy — including fiscal austerity, deregulation, and plans to dollarize — has stabilized inflation and rebuilt reserves, attracting renewed institutional interest. Robeco's re-entry marks a significant endorsement from a major European allocator, potentially paving the way for broader EM fund flows into Buenos Aires markets.