I’d say that the basic premise for investing in EM is higher growth of nominal dollar GDP, not high real GDP growth in domestic currency. And in that respect, I‘m not that worried. In fact, after a few years of comparably weak performance, EM debt and equity markets are starting to shine again. The MSCI Emerging Markets Index delivered a total return of 26.7% in USD for 2025, outperforming the S&P 500’s 17.9% total return. I think this trend will continue in 2026.