Emerging market assets haven't seen much love in the wake of investor infatuation with developed markets, but they may come back into fashion.
"Emerging market assets have switched from 'priced for perfection' to value or even deep value," Societe Generale said in a note, advising investors start to add exposure, particularly in emerging Asia.
(Read more: Are emerging market bonds a better deal than stocks?)
It's a major shift for SocGen, which declared "the EM party is over" back in March of 2011. The bank has raised the weight of emerging market equities and bonds in its multi-asset portfolio to 5 percent each from zero.
Emerging markets have seen a brutal sell-off this year after sharp falls in the value of the Argentine peso, Turkish lira, South African rand and Brazilian real triggered panic selling across the asset class, with analysts largely blaming the turbulence on the Federal Reserve's move to begin tapering its asset purchases.