Emerging markets are concentrated in Taiwan & Korea via the AI trade, while quality stocks, Latin America & India offer attractive long-term opportunities. AI concentration risk: Emerging market benchmarks are highly concentrated, with Taiwan and Korea now over 50% of the benchmark — and less than 25% of constituents outperforming, an all-time low that historically rarely persists +1. Opportunity outside AI: Quality stocks with high profitability and consistent growth, plus domestic sectors like financials and consumer stocks, look extremely attractive on a relative valuation basis after lagging +1. Favorable macro tailwinds: A persistently weaker US dollar and strong fundamentals support emerging markets long-term, with Latin America (commodities, politics) and India (strong growth, attractive companies) highlighted as standout opportunities