Emerging markets are in a bull market.

That’s not something we’ve been able to say for much of the past several years. In fact, it was quite the opposite story last year, when emerging market stocks had collapsed on a combination of a lower U.S. dollar, plunging commodity prices and fears of a China-led global growth stall.

Well, since mid-January, emerging markets have staged a laudable rebound. That rebound has been particularly robust over the past three months, as emerging markets exchange-traded fund (ETF) EEM has soared nearly 20% over that period.