Emerging markets: Zeroing in on targeted opportunities

1 Source: FactSet Research Systems, Inc. as of June 30, 2015

2 Source: Merrill Lynch as of June 30, 2015

3 Source: Bloomberg, LP as of June 30, 2015

Important information

The MSCI Japan Index measures the performance of the large- and mid-cap segments of the Japanese market.

The MSCI AC Asia Pacific ex-Japan Index is an unmanaged index considered representative of Pacific region stocks, excluding Japan. An investment cannot be made in an index.

Return on equity (ROE) is net income divided by net worth.

Price-earnings (P/E) ratio, also called multiple, measures a stock’s valuation by dividing its share price by its earnings per share.

Holdings are subject to change and are not buy/sell recommendations.

The risks of investing in securities of foreign issuers, including emerging market issuers, can include fluctuations in foreign currencies, political and economic instability, and foreign taxation issues.

The performance of an investment concentrated in issuers of a certain region or country is expected to be closely tied to conditions within that region and to be more volatile than more geographically diversified investments.