8 min read | With structural uncertainty rising, emerging markets – historically a source of risk – now stand out as a source of refuge.  Emerging markets outperformed developed markets, even in the face of the uncertainty and early ramifications of President Trump’s tariff policies.  Seismic shifts in governance, global trade, and appraisals of risk, combined with an evolving world order, warrant a renewed focus on this increasingly uncorrelated, undervalued, and overlooked asset class.