FYI: In the early 1990s, emerging-markets stock funds were the rage. Their subsequent results have been weaker than even the skeptics believed.
The appeal was obvious. Higher risk, according to conventional theory, meant higher returns--and there was no doubt that emerging markets carried higher risk. They also offered excellent growth prospects. The Asian Miracle was a catchphrase. South Korea, to name one example, had increased its per-capita gross domestic product from $158 (expressed in current terms) in 1960 to $6,516 in 1990. From behind Zambia to ahead of Turkey!