Summary

• Emerging Markets equities, measured by the MSCI Emerging Markets Index (Net), declined 0.17% in the first quarter, compared to a 4.35% decline in the S&P 500.
• Despite Middle East-led geopolitical volatility, EM assets proved relatively resilient, supported by their diversified composition and allocators’ search for value.
• EMC returned -2.30% (NAV return) in 1Q 2026 versus -0.17% for its benchmark, for -2.14% of relative underperformance.

Emerging Markets (“EM”) equities showed resilience during a volatile quarter, highlighting the potential benefits of diversification and creating a potential entry point into international assets.

Market Review

Emerging Markets equities, measured by the MSCI Emerging Markets

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