WEBVTT

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So within emerging
markets, I think today,

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China is the most
interesting market.

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That's partly
because there's just

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a breadth of opportunity in
terms of the number of stocks

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we can look at.

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But also, there's just been an
improvement in dividend payout

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culture.

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And I think that's
really interesting.

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One of the challenges we
face in emerging markets

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is that we receive
in dividends from

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multiple different currencies.

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But we're paying out a
dividend in Sterling.

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So we want to think really
carefully about that when

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we construct a portfolio.

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I think the biggest
misconception

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when investing in
emerging markets

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is that you can't
generate income.

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Whereas actually,
emerging markets

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has delivered a remarkably
stable payout ratio

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over many years.

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So that's how we can construct
a good portfolio for income

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investors in emerging markets.

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