As we have recently mentioned, we currently see a much greater opportunity in emerging markets as opposed to developed markets. Developed markets, for the most part, performed very well in 2013 while emerging markets lagged far behind. Based on historical evidence, we feel that this performance gap will continue to shrink throughout the rest of the year. Each emerging market carries with it a different set of economic circumstances, however, which is why we are continuously focusing on selecting emerging market countries for our Alternative (ALT) strategy that we feel are most poised for future off-field success.
*Excluding Belgium, Argentina, Russia, and the special circumstance of Greece.