Thoughts on EM performance versus the broader market?

Curious if anyone else is feeling like EM equities are being slept on a bit right now. With $EM around 1.195 and basically flat on the day, it feels like the narrative is still very much focused elsewhere, even with some interesting macro developments in specific regions. Are we still seeing a general risk-off sentiment hitting everything, or is there a case to be made for EM being genuinely overhyped despite current levels? I'm open to being wrong here, so please push back.