Join Arun Sai and Mark Boulton as they explore how the emerging markets story is changing, how investors can look beyond traditional benchmarks, and where the most sustainable opportunities may lie.

The war in Iran and the risk that it could lead to a wider regional conflict have roiled global financial markets. Oil and European gas prices have spiked while equity markets have seen sharp declines.

Gold’s stomach churning volatility – up some 30% in less than a month since the start of the year, only to subsequently lose 20% in a matter of days – has, unsurprisingly, left some investors doubting its role as a hedging asset.

Instead, a new group dubbed the “Terrific 20” — spanning real-economy sectors like financials, energy, industrials, and consumer — has led the rerating. Their forward valuations have risen ~50% in two years, making a larger portion of the market look expensive.