Emerging markets are sometimes defined as jurisdictions in which politics matter as much if not more than economics. There is a greater overlap between the private and public sector in emerging markets than there is in developed markets. State-owned enterprises, or SOEs, are companies where the government has significant control through a majority ownership, or a significant minority ownership of the equity. Typically, they have significant board representation and other ways of influencing the company. Overall, SOEs comprise 25-30% of emerging market capitalization, according to the Financial Times. If you invest in one of the