There has been some convergence in terms of how one might classify emerging-, frontier- or developed-market companies—and how they might fit into investors’ portfolios. Recently, we have noted an increase in liquidity and transparency of many frontier-market stocks (the smaller and lesser-developed subset of emerging markets). We have encountered increased numbers of businesses quoted on developed-market exchanges that have a majority of their business operations, sales or earnings generated in emerging or frontier markets, and at the same time, we have also seen growing numbers of emerging-market companies acquiring businesses in developed markets, becoming true multinationals. In our opinion, suitable frontier- and even developed-market stocks can be used to add potential value to what investors might traditionally classify as emerging-market portfolios. Market Convergence Frontier markets have been of particular interest to us in recent years, as we perceive many of these markets as having good economic growth potential.