Really, when you look at the survey, that's one of the first things that people look at.

That's correct, Piers, and you're 100% right.

When we look at – this is quite a special edition – because it's the 25th edition, in a way our silver jubilee.

And if you look how much has changed over the six years, we can say a lot has changed.

And even compared to last year, investors are now dealing with a very different backdrop.

Last year, we were talking about tariffs, trade tensions, and all those.

But since then, we now have renewed geopolitical risks, significant moves in oil, much higher core yields, and concerns around fiscal positions.

Would you agree? What are your thoughts on

So what's the mood like at the moment?

Well, I would say that the investors haven't turned their back on emerging markets, but they have- ... definitely become much more cautious.

So in each survey, we ask, uh, investors about their thinking on emerging markets.

Are they bullish, bearish, or neutral? And when we look at the bullish views, they have actually moderated only slightly from 68% to 60%.

But what's more important, bearish views were absent for the third consecutive survey.

So the net sentiment, which is the difference between the bullish and bearish views, actually stayed at elevated levels, at 60%.

But having said that, the caution was also visible.

next.And Ali, how has the central bank outlook affected investor views in the EM survey?

So what's the mood like at the moment?

Well, I would say that the investors haven't turned their back on emerging markets, but they have definitely become much more cautious.

So in each survey, we ask investors about their thinking on emerging markets.

Are they bullish, bearish, or neutral? And when we look at the bullish views, they have actually moderated only slightly from 68% to 60%.

But what's more important, bearish views were absent for the third consecutive survey.

So the net sentiment, which is the difference between the bullish and bearish views, actually stayed at elevated levels, at 60%.

But having said that, the caution was also visible.

And Ali, how has the central bank outlook affected investor views in the EM survey?