I think the "EM" categorization is of little use nowadays.   We've seen bankruptcies and accounting scandals in the U.S. and Japan as bad as anything in Brazil or Korea.   Volatility, liquidity, credit, inflation, central bank policy -- it seems that "developed" countries can struggle with these issues and threats as much as "emerging" economies.

Moreover, there's no clear-cut distinction between developed and emerging.   Where do you put Brazil, Israel, Korea, Singapore, South Africa, Taiwan?   Some months ago I did a check among several foreign funds like DODFX, and found that one fund's "emerging market" was another fund's developed market and vice-versa.

Except for MAPTX -- which I Iike because Matthews is a smart, specialty shop and this fund provides some nice Asian mid-cap exposure -- I have abandoned whatever "EM" and regional funds I once held, in favor of diversified foreign funds.   A number of foreign funds are wide-ranging and freely own stocks from "emerging market" countries.