A commonly heard refrain amongst investment circles is that emerging markets, or EMs, are no longer what they used to be over the past two decades. Coming out of the Global Financial Crisis, EM equities were the best performing regional equity market, returning 79% in 2009 compared to a 27% return by the S&P 500. But it's been pretty much downhill from there, with the EM lagging behind the Developed Markets (DM) with a 7% return vs. 13% by the DM (excluding the U.S.) in the current year. A similar narrative has been playing out in the energy…
