Economic fundamentals for majority EM economies are healthy; current account imbalances and growth-inflation dynamics have improved in recent years. That said, we recognize EM is a diverse opportunity set and so risk and opportunities vary by country. Near-term patience may be required when assessing value and the potential for rebound in EM assets. However, we believe medium- to long-term structural tailwinds– strong growth potential, favorable demographics, low debt, better balance sheet resilience and corporate earnings growth potential – remain intact. Importantly, we do not think recent country-specific events should serve as a bellwether for the broader EM complex and we continue to see investment potential across EM markets.