In short: Named directly as the vehicle rolling over on Brazilian politics — "has caused the ILF and really the Brazilian stock market to start to roll over a little bit." Region downgraded from leader to "wait-and-see"; his emerging-market preference rotates to South Korea and, eventually, China.
ILF is the broad Latin America basket and is heavily weighted to Brazil, which is why Newton names it directly as the thing rolling over on Brazilian politics.
Having been a leadership region in the first half of the year, it has been demoted to "wait-and-see." Within emerging markets his preference has rotated to South Korea now and China later — so ILF is a hold-off, watching for the relative trend to stabilise before it earns money back.
35:20And so, that's a good sign for emerging markets. We've seen China has been a little bit of the laggard this year. Recently, some of the political situation in Brazil has caused the ILF and really the Brazilian stock market to start to roll over a little bit. So, Latin America, first part of the year was a great place to be.
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