Key Consideration in Global Asset Allocation

Jane is a portfolio manager who has been tasked with reviewing the global asset allocation for her firm's multi-asset fund. She notices that the allocation to emerging markets has increased significantly over the past year while allocations to developed markets have declined. Concerned about potential economic instability in certain regions, she is considering whether to adjust the asset allocation further.

To make an informed decision, Jane evaluates the historical return and risk characteristics of both emerging and developed markets. She also takes into account the current market sentiment and geopolitical developments that might influence future performance.

Which of the following factors is likely the most important consideration for Jane when deciding on the global asset allocation of her fund?