Summary

• The world has shifted from unipolar to multipolar, and portfolios haven't caught up.
• Pramol Dhawan, head of emerging markets portfolio management, explains why emerging markets sit at the intersection of higher real yields, deeper diversification, and the AI and energy themes shaping the next cycle.
• Two-thirds of global economic output derives from emerging markets, yet portfolio allocations are somewhere around the 3% to 5% levels.

Pramol Dhawan: We think of the world across two vectors, AI and energy. But if you want to build portfolios that are resilient across the AI and the energy theme, really there is no alternative other than