So what changed? And what do you think is driving this recent success for EM?

Yeah, look, I think of emerging markets as having 80% of the world's population and representing something like the mid-20s percent of global market cap.

And what that breadth gives you is lots and lots of different opportunities.

I think what has recently driven performance in the more recent history, this time around, has been what we talked about a little bit earlier, which is the demand for AI.

the fact that a large part of what we're seeing in terms of the production of semiconductors, be it memory or leading-edge logic chips, a lot of that happens in my markets.

And so as a consequence of that, there's giant ecosystems that have been built around those two sort of areas in Korea and in Taiwan.

So that's one of the large drivers.

There's only a handful of companies, though, that have sort of dominated this build-out right now outside of the U.S. Can you talk about that and how concentrated that is?

How much extra exposure to other things would a Canadian investor get taking a look at something like an EM fund that you're running?

Yeah, I think I have a natural ability to think in a similar way to the Canadian investor in that regard.

You may not be able to tell from my accent, but I'm from Australia.

That's right.

And so we have a very similar setup just from first principles, right? We have a large materials industry.

We have a large energy industry.

We export more gas than Qatar.

How are you everywhere? Tell us about your research team, which must be literally in the four corners of the globe.

Okay, so based off of that, and as you're looking to build this diversified portfolio, let's talk about themes, let's talk about the areas that you're taking the portfolio in in the sense of what you're interested in today, what you're seeing in the market.

So, Urien before talked about having a degree of international, a brush of international, so I guess I'm that brush.

The thing I would say about emerging markets, which is, I think, very important to understand, is one of the most important themes that I'm seeing is the AI thing.

Of course.

Taiwan and Korea and China, to some extent, are large parts of the benchmark and are really the coalface of what's happening on the physical hardware side of the AI movement, right? So, you know...

If we take the stocks like Nvidia or Google and the data center commits that they're putting here in the US down, the chips that they're making, the memory, the connectors, a lot of the physical assets that make up a data center are being made in places like the fabs of Taiwan.

Send me one which is just up the road here.

So what do you see as risks?