The Thailand exchange traded fund weathered the storm in the broader emerging markets, and even while wading through political unrest, Thai stocks generated positive returns for the month.

The iShares MSCI Thailand Capped ETF (NYSEArca: THD) is up 4.3% since the start of 2014. [Believe It: Opportunities With Emerging Market ETFs]

Thai stocks strengthened Friday, with the Stock Exchange of Thailand Set Index up 0.8%, bolstered by blue chip names, which suggests investors are remaining defensive ahead of the general elections on Sunday, Reuters reports.

For instance, Invesco, Aberdeen and BBL Asset Management are pointing to buying opportunities in Thai energy and phone stocks after the anti-government protests and large foreign outflows, reports Anuchit Nguyen for Bloomberg.

The elections on Feb. 2, though, are unlikely to end unrest in the Southeast Asian country, Kim McQuay, The Asia Foundation’s country representative to Thailand, told DW.

“Ordinary Thais are caught in a web of uncertainty, with the specter of violence on Election Day creating worry,” McQuay said in the article. “There is little sign of a compromise between the rival political factions through which political and governance reform measures might be agreed on that would set Thai politics on course for a fully contested election.”