Emerging and frontier markets are home to more than 85% of the world's population and generate over 40% of global GDP, yet make up only a small fraction of investors' portfolios. Allocations to these less developed – and generally faster-growing – economies have suffered in the era of tech-centred US exceptionalism, yet some of the world's most dominant technology companies are based in emerging markets. While Donald Trump's ‘Liberation Day' tariffs have sparked negative headlines regarding exporting nations around the world, many emerging markets are not particularly reliant on trade with the US. In this note we seek to uncover the opportunities that can be found in this hitherto unloved area of the market, where many good companies are trading at low valuations, often with attractive dividend yields, enhancing the prospects for longer-term returns for investors prepared to look past the near-term macro noise.