The Resilience of EM Corporates to the Macro Outlook

We're not certain yet whether India is in this situation where it can really replace China. So we have seen some EM performance but it's a lot more to come. In terms of sectors, we actually think that EM corporates tend to be extremely undervalued because most people view them as a proxy to the sovereign. I love EM banks also have a lot of provisioning in advance, and the regulators tend to be quite aggressive. And you've obviously seen quite a big recovery in EM 81. It's one market where you've got to pick and choose correctly... The best kind of name matters a lot.