Emerging market (EM) assets were hit hard by the crash in commodity prices in 2014-2015, but so far this year, EM and commodity performance have diverged. EM is one of the top-performing asset classes across global markets despite flat commodity prices. This doesn’t square with the market rule of thumb that EM tends to perform in line with commodity prices. I believe strong EM performance can continue if we begin to see global demand for commodities materialize; otherwise, this divergence could reverse.