The iShares MSCI Turkey ETF (NasdaqGM: TUR) is off almost 25% over the past month, a slide that is plaguing the broader emerging markets complex. As Turkish equities have tumbled, the MSCI Emerging Markets Index has seen its year-to-date loss approach 9%.

However, some market observers believe emerging markets assets offer long-term opportunity. Prescient investors could see the opportunity in the dip given the cheaper valuations as well as their current market cycles relative to the U.S. capital markets’ late cycle.

“We see many of these problems as unique to Turkey, yet other EMs have felt the heat. We remain wary of markets with high debt and deteriorating growth, and see long-term opportunities in regions with sound fundamentals, such as EM Asia,” said BlackRock in a note out Wednesday.

If emerging markets can effectively deflect the geopolitical news and investors can focus on fundamentals, it could be opportunities in the international space that will take the helm as the capital markets in the U.S. delve deeper into their late cycle.

Accessible Ideas for Emerging Markets

The iShares MSCI Emerging Markets ETF (NYSEArca: EEM), Vanguard FTSE Emerging Markets ETF (NYSEArca: VWO) and the iShares Core MSCI Emerging Markets ETF (NYSEArca: IEMG) are among the most popular options for broad-based exposure to developing economies. Each of those funds feature significant exposure to emerging Asian markets.

“Many other EM countries, especially in Asia, appear healthier with improving current account balances. And structural reforms in countries such as China and India are likely to put economies on the path to more sustainable, long-term growth, in our view,” according to BlackRock.

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