The emerging market selloff has left many wondering whether it's time to bottom fish or if they should just toss the small fry back.
By any measure, emerging markets have had a bad month, with investors pulling around $12.2 billion out of emerging market equity funds in January, according to EPFR data.
But the market drops have also left shares at what could be attractive valuations—if worries ranging from some countries' high current account deficits and slowing growth in China don't presage a full-blown crisis, similar to 1997's contagion across emerging markets.
(Read more: What happens in EM stays there, mostly: Goldman)
"There are some problem children and there are some instances where you do have some serious concerns, such as Turkey," Russ Koesterich, global chief investment strategist at BlackRock, told CNBC. "But by and large, EM looks better: Less dollar-denominated debt, higher foreign exchange reserves," he said.