Q: Do you feel it will be 10-15% for emerging markets as well because this has generally been the pocket that has outperformed in these past few months?

A: Yes for emerging markets as well. Emerging markets, importantly, is not facing massive problem that the developed world faces––the government is in good shape financially, the corporate are strong, the financial systems are strong and the consumers in emerging markets typically are not overleveraged which is a very good news. However, that has been to an extent reflected in the bounce we have seen in emerging markets where they have led the way. And frankly for companies we are seeing across emerging and developed markets, the outlook for earnings is similar. It’s very tough on the P&L line for the next year or so. Importantly, the emerging markets have the strong balance sheet and that’s what will see them through. So question of us favouring balance sheets unquestionably for the longer-term investor emerging markets are where you should be.