Emerging markets remain a highly attractive place to invest for the longer term, despite the difficult period for the region this year. We do not believe that the current travails amount to a broad-based crisis in the region. In fact, many of the recent headlines surrounding emerging markets are irrelevant to long-term investor as they are focused on small and insignificant markets. We believe the index has done poorly mainly thanks to specific issues with individual countries and regions rather thanks to global dynamics besetting the region, with the important exception of the confrontation between Trump and the Chinese on trade. In our view, investors in emerging markets need to hold their nerve rather than trying to wait and time the bottom before reinvesting.