Emerging markets over the past decade have been largely viewed through a lens of relative underperformance, economic uncertainty, and geopolitical tension. This view, however, misses the transformation of emerging market fundamentals over the decade as well as the diversity of the asset class. In fact, a closer, bottom-up perspective of emerging markets reveals a dynamic landscape of investment opportunities across a range of regions and sectors. For skilled active investors, in our view, emerging markets represents an extraordinary—and largely underappreciated—opportunity.