The search for global alpha should include developing economies on several levels. The Identity (Global Alpha > US Alpha + EAFE Alpha + EMF Alpha) incorporates emerging markets into the greater opportunity set of the global equity universe, and suggests that the larger the investment opportunity set, the greater the potential to find higher alpha. Recently, the role of emerging markets in the global food chain for the manufacturing and distribution of products and services has significantly increased. Investors monitoring this shift can find valuable information that could potentially drive stock prices of companies in different parts of the chain. This information may...