Despite exceptional overall returns, more than 55% of active emerging markets equity managers underperformed the MSCI Emerging Markets Index gross of fees in 2017, marking the first time since 2009 that the majority have underperformed in back-to-back years. This chart book is our annual summary of the absolute and relative performance of managers that report to our database. This is a companion piece to the US, global ex US, and global equity manager performance chart books already published.