US/China trade tensions and the recent coronavirus outbreak highlight that a VUCA world abounds. However this does not change long-term trends that make emerging markets ripe for investment. EM is increasingly domestically driven, intra-EM trade is gaining a greater share of exports, and capital markets are opening up. This is occurring at the same time as increasing discretionary spending, unprecedented levels of R&D and innovation, under-penetration of credit and a blaringly wide valuation gap between EM and DM that is disconnected with economic growt...