The aggregate free-float market capitalisation of the MSCI Emerging Markets (EM) Index and the MSCI Pacific ex Japan Index stood at US$7.3 trillion ($10 trillion) and represented a 15.4% weight of the MSCI ACWI Index, as of June 30, compared with US$1.8 trillion and an 8.5% weight at the end of 2004. The rise of market size in both absolute and relative terms reflects, in part, increased business productivity and dynamism in the EM and Asia, as well as expectations of the regions’ potential for future economic and financial-market growth.

The period was also marked by the growth of regional-focused active strategies. During the 15-year period from 2004 to 2019, the aggregate assets of active EM and Asia regional funds tracked by the Thomson Reuters Eikon mutual-fund database grew at a 10.4% annualised rate, whereas the aggregate size of active EM and Asia single-market-focused funds grew at a 7.7% annualised rate.

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