BlackRock (NYSE: BLK), the world’s largest asset manager and the parent company of iShares, the world’s largest ETF provider, sees opportunities in emerging markets. The purveyor of major emerging markets ETFs, such as the iShares MSCI Emerging Markets Index Fund (NYSEArca: EEM), said some developing offer opportunities in the second half of this year.

“Emerging markets are far from bulletproof. But they are better equipped than ever to counter the challenges [they will have to face]in the second half of the year,” reports Chiara Albanese for the Wall Street Journal, citing commentary from BlackRock portfolio managers in the firm’s mid-year update.

There might be something to BlackRock’s emerging markets optimism. ETFs tracking downtrodden markets such as Brazil and China have perked up a bit in recent weeks. Additionally, investors have continued to put cash to work in low volatility emerging markets ETFs such as the iShares MSCI Emerging Markets Minimum Volatility ETF (NYSEArca: EEMV). [Low Volatility ETFs Lead EM Rebound]

As the asset manager notes, investors got a “rude awakening” with emerging markets last month. However, when factoring in Thursday’s losses, EEM is only modestly lower over the past month while EEMV has traded slightly higher. [Brazil ETFs: Time to Get In?]

In terms of specific markets, weak currencies and declining commodities prices, among other factors, could continue to hamper markets such as Peru and South Africa. Structural funding issues could be problematic for nations such as India, Indonesia and Turkey, according to the Journal.

On the other hand, BlackRock sees opportunities in a pair of formerly beloved emerging markets along with one Eastern European country that has, at times, during the tumult proven somewhat sturdy.