Key points: All three panelists agreed: Latin America is the standout opportunity right now, driven by commodity exports, political shifts toward fiscal conservatism, and energy independence. Passive EM investing consistently underperforms as the index lands in 3rd or 4th quartile. With 3,000+ stocks and 80+ countries, active managers have huge opportunities to generate alpha. Local currency debt looks attractive as the dollar weakens and EM central banks (now more credible on inflation) can cut rates more aggressively than in the past. Brent emphasized using macro hedges - CDS indices, FX vol, equity vol - to protect portfolios during shocks rather than panic-selling good long-term positions. Extended geopolitical uncertainty actually creates opportunities for disciplined managers to buy dislocated assets when others are fearful. RBC Global Asset Management (RBC GAM) is not affiliated with Pensions and Investments, Federated Hermes or Eastspring Investments. RBC GAM does not assume responsibility for statements or opinions expressed by unaffiliated individuals.