"On a year-to-date basis, emerging markets are still lagging the U.S. and the E.U.," said Hogan. "As you look at global investing, at some point in time you see the underperformance, and it's not surprising to see a bit of mean reversion."
Michael Krause, chief analyst at ETF-focused Altavista Research, agreed.
"Emerging markets in general have been sold off hard over the last six months," said Krause. "On a valuation basis, they are as cheap as they were during the global financial crisis."
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That cheap valuation may have led to funds rebalancing their holdings ahead of the first quarter's end on Monday, Morningstar senior fund analyst Patricia Oey said.
"Valuation people are looking at these markets and saying, 'This is cheap enough, let's get in,'" she said.