consumer-related sectors have relatively positive margin performance. Figure 22: EM vs DM net margins (%) — Consumer Discretionary Net Margin (%) MSCI EM - Consumer Discretionary 10 0 1 2 EFTA01466429 3 4 5 6 7 8 9 MSCI DM - Consumer Discretionary Figure 23: EM vs DM net margins (%) — Consumer Staples MSCI EM