Emerging market stocks may not have crashed recently, but they’ve certainly stumbled. Returns over the past three years have been negative, while the U.S. market has boomed. Is this a buying opportunity?

“Valuations are low now,” says Jun Zhu, a senior analyst with the Leuthold Group, an institutional research firm in Minneapolis, “and there are signs that emerging markets could outperform U.S. stocks going forward.”

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