$EMFX - Brazil offers attractive real rates with an anchored central bank that has room to cut rates, making it a sheltered play amid Middle East tensions.
$ARGENTINA - Argentina still has reform momentum and is a major beneficiary of energy price shocks, with value remaining despite recent price appreciation.
$LATAM - Latin American commodity exporters are sheltered from Middle East risks and offer value in the current environment.
Bearish:
$EGYPT - Egypt faces further currency weakening risk as an oil importer needing more reserves, with yields not adequately compensating for the uncertainty.
$PAKISTAN - Pakistan faces significant risks as an energy importer with limited fiscal room and markets haven't fully priced in the potential duration of the Middle East crisis.