[MUSIC PLAYING]
So within emerging markets, I think today,
China is the most interesting market.
That's partly because there's just
a breadth of opportunity in terms of the number of stocks
we can look at.
But also, there's just been an improvement in dividend payout
culture.
And I think that's really interesting.
[MUSIC PLAYING]
One of the challenges we face in emerging markets
is that we receive in dividends from
multiple different currencies.
But we're paying out a dividend in Sterling.
So we want to think really carefully about that when
we construct a portfolio.
[MUSIC PLAYING]
I think the biggest misconception
when investing in emerging markets
is that you can't generate income.
Whereas actually, emerging markets
has delivered a remarkably stable payout ratio
over many years.
So that's how we can construct a good portfolio for income
investors in emerging markets.
[MUSIC PLAYING]