Gregg Wolper: The diversified emerging-markets category had a really rough year in 2018. It wasn't really out of line with other foreign stock categories, but at a 16% loss, that was quite a blow for anyone investing in those funds. There were several reasons why those markets were down so much.
China played a big role. China is a huge part of the emerging-markets index and thus of most emerging-markets portfolios. The talk of the U.S. trade war with China, China's general economic slowdown--those took a toll on the market. More specifically, some of those high-flying Internet stocks from China that had done really well in 2017, they did very poorly in 2018. Those are big weightings in a lot of these funds. And so, that hurt very much.