Emerging markets have strongly rebounded in 2025 after 15 years of tepid performance. Every major segment of the MSCI Emerging Markets Index now shows double-digit YTD gains. A stronger EM currency basket has helped, but accelerating earnings growth, especially in the Asia ex-China region, has done the heavier lifting, and extended the rally beyond China. For advisers, this shift presents an opportunity to revisit EM allocations.