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The rapid adoption of mobile devices is driving consumption trends around the world, but even more so in fast-growing emerging markets such as China, India and Brazil. To underscore that point, consumers in many developing countries are surpassing their developed-market counterparts when it comes to the growth of e-commerce purchases and use of other online services.

In certain areas, such as mobile payment platforms, Chinese tech companies are building massive scale and leapfrogging Silicon Valley in advancements. Meanwhile, venture capital investments are surging throughout Asia as investors search for the “next big thing.” India, for instance, has become a prime battleground for U.S. and Chinese internet giants seeking share of mind in e-commerce, financial services and ride-hailing.

Past results are not predictive of results in future periods.

Investing outside the United States involves risks, such as currency fluctuations, periods of illiquidity and price volatility, as more fully described in the prospectus. These risks may be heightened in connection with investments in developing countries.

2018 Midyear Outlook

What are the insights and actions to consider as you position investment portfolios for the rest of the year?