By Renato Leggi, CFA, CAIA, Client Portfolio Manager
We believe a strategic allocation to innovation probably will evolve into a sub-asset class, as did the "niche" strategy of the 1980s - emerging markets. In the late 1980s and early 1990s, investors had little, if any, exposure to what has evolved into 13% of the global equity market capitalization and 60% of global gross domestic product ((GDP)) on a purchasing power parity basis.[1] In 1981, while proposing a global public equity fund for developing countries, Antoine van Agtmael of the International Finance Corporation ((IFC)) coined