Emerging markets have been steaming ahead since the bottom last February. Have they shot their bolt? I think they may have if you have a shorter term view, inflation is approaching and quality stocks are generally trading at levels which are far less attractive than sim,ilar high quality stocks based in developed markets. This doesn’t mean you should switch out of your EM funds if they are a managable portion of your portfolio. Just don’t go in right now. Also, if you have a global equity holding, just trust your (quality) global equity manager select stocks which can benefit from revenues earned elsewhere for a while.