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Despite the -16.3% year-to-date (YTD) performance,1 we are impressed with the resilience of Emerging Market (EM) equities. In any year with the S&P down 19.9%, the US Dollar (USD) up 7.2%,2 Russian assets marked to zero, and China locking down its two largest cities, one would rightly cover their eyes before looking at EM performance….