Which duty emphasizes that members must deal fairly with all clients?

The emphasis on dealing fairly with all clients aligns directly with the principle of Fair Dealing. This duty is fundamental in the context of investment management and alternative investments, as it underscores the expectation that professionals must treat all clients equitably and ensure that no client receives preferential treatment over another.

Fair Dealing involves providing clients with information that is accurate, timely, and pertinent. It also encompasses the requirement to not exploit any discrepancies in information availability among clients and to act in a manner that is honest and transparent. By adhering to this principle, financial professionals foster trust and uphold the integrity of the investment management industry, which is essential for maintaining strong client relationships and ensuring adherence to ethical standards.

In contrast, the other options relate to different aspects of fiduciary responsibility and ethical conduct. Loyalty, Prudence, and Care pertain to the obligation to act in the best interests of clients, while Material Nonpublic Information deals with confidentiality and the prohibition against insider trading. Performance Presentation involves how investment performance is reported and the ethical guidelines surrounding that process. Each of these principles is important, but Fair Dealing specifically addresses the fair treatment of clients, making it the correct answer in this context.