Including China

China’s uniqueness, size, continuing growth story, and low correlation profile suggest that investors would be well-served by a dedicated China portfolio allocation. Despite China’s economic backdrop and recent market drawdowns, we believe the country’s growth story will continue, although that story is changing and becoming more complex. China’s contribution to global growth is increasing — though at a slower pace — and we believe that the China investment opportunity remains compelling over the long term, even as we remain cautious in the short term.