Within a few years, the U.S. could be spending as much of its budget servicing debt as a median high-yield emerging market country. It is a stunning role reversal — and a useful starting point for rethinking the case for EM. In this series, Emerging Markets: Beyond the Benchmark, we move past cyclical framing and headline-driven sentiment to examine emerging markets as a broader, more differentiated and more resilient opportunity set than the benchmark suggests. Beginning with a universe-defining primer followed by focused pieces on shifting supply chains, EM debt, equities, private markets, sustainability and portfolio construction, each instalment is designed to help investors navigate a more multipolar world by clarifying where growth is concentrated, where resilience genuinely sits and how outcomes ultimately depend more on active discernment and informed allocation choices across segments.