Even some of the emerging markets’ biggest fans are losing heart.

As their dismal performance enters a second decade, and the S&P 500 reaches new highs, money managers are asking if it is worthwhile to dedicate time to this asset class at all. After all, the Magnificent Seven are direct bets on the global consumer. The shares of tech giants Apple Inc., Microsoft Corp., Alphabet Inc., Amazon.com Inc., Nvidia Corp., Tesla Inc. and Meta Platforms Inc. have doubled this year. Apple, for instance, gets almost 20% of its revenue from China.