Asset allocators view Emerging Markets separately, attracted by growth and inefficiencies but offset by sovereign risks and poorer governance. Applying the Pareto Principle twice can reduce EM first to Asia and then to four dominant markets - China, India, Korea and Taiwan (“TICK”?!). For Australians, this leaves no gap - non-Asia EM has similar sector mix to home. The TICK’s combined profile mirrors the US but adds exposure across the spectrum of development. As investors chased Mag7, a wide valuation gap has opened up. Investors need a fresh grow...