The growing opportunity in emerging markets Key points: Driving global growth: emerging markets (EM) are home to over 80% of the world’s population and account for the majority of global GDP growth. Improving fundamentals: EM country fundamentals have improved considerably in recent years, driven by economic reforms and prudent monetary and fiscal policies. A multitude of distinct markets: the investment opportunity set is becoming increasingly attractive. Opportunities to add alpha: in an environment of ongoing volatility, we believe some of the most compelling and undervalued investment opportunities reside within EM.