Emerging Market Liquidity

The one year forward P multiple of EM equities is today at about 11.5 times, which is not very different from the long term average multiple often, let's say about 11.4 times. The other way to think of EM versus developed markets and more specifically US. Currently, we are trading at about 35% discount to the US market compared to let's say long term average of 25 to 30%. Fair valuation compared to its own average, but compared to the US and the developed market, there is still some room for valuations to improve.