EM has not done well in the last 3 years. For the 2 years 2009, 2010, it did very well, so it's pay back time. Reversion to the mean, baby! However, if one looks back 10 years, EM did very well from 2003 to the Great Recession, then crashed hard!
There are many pundits who recently said they would stay with US stocks, and Europe and Japan equities which also did well in 2013. Only a few mentioned EM, as people usually want to stick with and ride higher with the winners. We will see what transpire.
Caveat: I have bought EM throughout 2013, and will not add more. Needless to say, my EM positions helped drag down my portfolio with respect to S&P.