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Here's some macro perspective for you. Yesterday, Barclay's strategists published some good insights putting the recent underperformance of emerging markets in perspective. Value investors and macro investors alike might find some useful info here (thanks to FT Alphaville):

Could emerging markets be the most-disliked region currently? They have been punished by investors, underperforming developed market equities by nearly 35% since Nov 2010, considerably worse than what would be suggested by their earnings (Figure 2). Amongst sellside analysts, a Bloomberg poll seems to indicate that few research houses recommend an overweight on EM equities. From our meetings as well, we find most investors have little sympathy for our recent call to overweight EM equities.

Pretty picture numero uno:

Pretty picture numero dos:

Pretty picture numero tres:

Source: Charts O' The Day: Emerging Markets On Sale?