Other investors believe it will be a while before emerging markets stocks recover in earnest. Investors pulled out of riskier emerging markets as data showed growth from China’s economy slowed, commodity prices fell and the Federal Reserve signaled an interest rate hike this year.

“Colombia looks interesting. A metals recovery would power Chile. Venezuela is in very difficult economic/political conditions, but a resolution may come there as well over the next year,” adds TIS in the note posted by Barron’s.

iShares MSCI Emerging Markets ETF

Tom Lydon’s clients own shares of EEM.