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And they are poised to build on the bullish momentum as the Federal Reserve and other central banks cut interest rates.Combined with cheap valuations, now may be a good time for investors to add a small allocation of emerging market equities to their portfolio. Historically, emerging markets benefit when the Fed cuts rates and engineers a soft landing, says Derrick Irwin, portfolio manager for the Intrinsic Emerging Markets Equity team at Allspring Global Investments.Valuations and macroeconomic tailwinds make a solid argument for a small allocation between 5% to 10% to emerging markets. 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