• Global economic growth will increasingly be led by the emerging markets (particularly Asia) and the United States, with the balance shifting from the latter to the former

• Emerging market economic expansion will be domestically-driven by population growth and the transformation of rural subsistence societies into urban-dominated consumption economies

• Particular sectors of the US economy (e.g. infrastructure and energy) will be strong beneficiaries of domestic investment and exposure to robust emerging market growth

• Investments in businesses exposed directly/indirectly to early stages of the growth & policy-reform cycle of the emerging world, willing to withstand short-term volatility and remain invested throughout the full business cycle, are most likely to outperform