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Emerging markets (EM) saw a sharp sell-off in February along with other risk assets, as new cases of COVID-19 infections spread around the globe. These significant moves across asset classes were due to fears of a broader and potentially deeper global slowdown from economic disruption brought about by the rapid spread of the virus. The more sensitive EM foreign exchange (FX) and EM Local Currency asset classes were hardest hit, returning -3.4% over the month. Meanwhile, EM Hard Currency Sovereign and Corporate total returns were partially sheltered by the underlying rates rally.