: EM sectors - Current P/BV versus its 10-year average -50% -40% -30% -20% -10% 0% 10% 20% Figure 12: EM sectors - Current P/BV relative to EM P/BV, versus 10-year historical average -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% Source: Deutsche Bank, Bloomberg Finance LP Source: Deutsc