as rallied 10% since Dec 22nd yet evidence continues to point to light positioning. --EEM Shares Outstanding have roughly flat-lined since November (EEMSO Index on Bloomberg) --The Fund Manager Survey highlights the first investor EM equity UW in 9 months, with a current allocation 1.1 st dev below its

s rallied 10% since Dec 22nd, yet evidence continues to point to light positioning. --EEM Shares Outstanding have roughly flat-lined since November (EEMSO Index on Bloomberg) --The Fund Manager Survey highlights the first investor EM equity UW in 9 months, with a current allocation 1.1 st dev below it