Don't guess, just buy all of them. If you believe in the future expected return EM will give you for the risk you take, approach it with a holistic view and look at everyone of them but be stringent.
Only invest in countries that have a good legal system for investors, provides accurate financial statements with strict and enforced accounting standards, reasonable treatment for foreign investors, with a reliable settlement system and with enough liquidity in terms of daily turnover.
That will give you about 21 countries to invest in.
Don't guess, just buy all of them. If you believe in the future expected return EM will give you for the risk you take, approach it with a holistic view and look at everyone of them but be stringent.
Only invest in countries that have a good legal system for investors, provides accurate financial statements with strict and enforced accounting standards, reasonable treatment for foreign investors, with a reliable settlement system and with enough liquidity in terms of daily turnover.
That will give you about 21 countries to invest in.