While U.S. indexes suffer from the dog days of summer, emerging markets look to be on a tear.
Markets in Turkey, Saudi Arabia and Egypt are up more than 6 percent in July.
Year to date, equity indexes in Argentina and Ukraine are significantly outperforming their peers in developed markets, with returns averaging over 45 percent.
Among the BRICS, India's Sensex leads the group with a 24 percent gain, followed by indexes in Brazil and South Africa both gaining more than 12 percent so far this year.
As global markets hit multiyear highs, will investors' appetite for risk continue to drive these markets?