Benchmark Selection for Emerging Market Fund Performance

Maria is a portfolio manager at a large asset management firm. She is tasked with evaluating the performance of a newly launched fund that primarily invests in emerging market equities. The fund aims to outperform the MSCI Emerging Markets Index over a full market cycle. Maria wants to ensure that the performance of the fund is appropriately evaluated against a suitable benchmark.

While the MSCI Emerging Markets Index is a popular choice, Maria considers several factors, including the sector allocation, market capitalization, and geographic exposure of the fund in comparison to alternatives. In her research, she finds other potential benchmarks that might reflect the fund's strategy more accurately.

Which of the following benchmarks would be the most appropriate for evaluating the fund's performance relative to its stated investment objectives?