The emerging markets (EM) universe has experienced significant changes in the last decade with the further addition of investible countries (ie China A shares in 2018), the surge in the size of EM bond markets and the further development of the local currency bond markets. This world in transformation remains highly heterogeneous as differences between EMs exceed similarities and that’s why extensive research is key to identify the variables that at each point in time are the main drivers of each economy, the investment factors that can be most remunerative and the portfolio allocation that can deliver the best risk/return payoff.