What are the risks facing emerging markets this year? And will investors who venture in be rewarded? We reveal the funds to add to your portfolio After a strong 2017, emerging markets are on course for further gains in the coming 12 months and beyond, but, as ever, it’s going to be a bumpy ride, warn analysts. The MSCI Emerging Markets index returned 37.28% in 2017 – its best performance since 2009 – to add to its 11.19% gain in 2016. This performance was driven by improving global and regional economies, resilient industrial data in China, continued earnings upgrades for Asian equities and a weak US dollar, says Min Feng, senior investment specialist at Nomura. But emerging market equities still appear cheap relative to history and other regions. That’s because they are currently recovering from a low base. The commodity price slump between 2013 and 2015 meant the index saw negative returns three years running. Now, Russ Mould, investment director at AJ Bell