The Core Reason We're Long of EM

Japan is one of our largest asset allocations, and they benefit not only from a positive or, you know, a much better quad outlook from an economics standpoint than what we're facing here in the US and Europe. And so they've got another 50 basis point or a cut, most likely at the next meeting. So that's all lining up very positively. That's exactly what you want to see. We are long Brazil, Japan, India, South Korea, Philippines, etc.