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Recent political instability in Ukraine has once again reminded investors of the risks of investing in emerging market economies. Russian equities have fallen sharply, and the central bank has had to aggressively raise rates. This had followed months of broader volatility in mainstream emerging markets in which currencies have weakened – particularly in the so-called ‘Fragile Five’ of Indonesia, Brazil, India, South Africa and Turkey. Sovereign and corporate balance sheets are under scrutiny amidst slowing emerging markets growth