The iShares Emerging Markets (ETF) (EEM -3.3%) continues its severe underperformance this year, about doubling the S&P's loss today as China plummeted 5.3% overnight and Brazil (EWZ -4%) sinks. A big outperformer from the lows of the financial crisis through early 2011, emerging markets have now given up all of those gains over the last 2-plus years.
They're getting there. Closed-end investment funds take it on the chin again, with the PIMCO High Income Fund (PHK -6.6%) leading. At $10.56, the fund no longer sports a ridiculous near-75% premium to NAV, but with NAV currently at $8.32, there remains a wide gulf.