Cameron Gleeson

The one thing that BGBL doesn't offer is its exposure to global markets outside of Australia, but only developed markets.

And in finance, we sometimes talk about developed markets and emerging markets.

So your developed markets are typically US, Canada, Japan, Europe.

you know, Australia, although it's not included in that one.

So it's those sorts of countries, which really are, you know, the predominant places where people look to invest.

But that does ignore the emerging market countries.

And that's, you know, a big part of the global economy.

And it's a big part of the opportunity set.

I mean, we were talking recently about essentially the, you know, the role of emerging market Asia in terms of the AI supply chain.

The opportunity for earnings growth in emerging markets is huge.

And so I think that any investor who is thinking long-term, you know, would rightly think that I would like to have an allocation to emerging markets because of the structural story there, whether it be in India, you know, South Korea, Brazil, like, you know, there's some amazing potential for a long-term investor.

What will the world look like by then?

Yeah, that's right.

So getting exposure to emerging markets is really important.

One of the challenges with emerging markets though is that

The reason they're called emerging markets often is because they have capital controls.

They don't allow the free flow of capital.

That's one of the, if you like, one of the requirements that buckets them as emerging markets.

And it can be kind of hard to trade some of these markets.

It can be expensive to trade.