Welcome to a bumper issue of our Macro Forum insights and perspectives, timed to coincide with our semi-annual investor updates, but also published in a period of significant geopolitical volatility in which confidence in emerging and growth markets has taken a significant hit. The reasons behind this are widely debated, but in our view from the streets in our markets, it’s not the fundamentals. Instead a combination of the unexpectedly rapid pace of tightening by the Federal Reserve, the weakening of international institutions following greater US unilateralism, and contagion from idiosyncratic issues impacting Turkey and Argentina all combine to prompt fear and a flight to safety. We continue to prefer the flight to growth, and when others shy away, we believe this presents opportunities for investment at improved pricing in secular growth opportunities across our world.