7 min read | The Altrinsic Emerging Markets Opportunities portfolio declined 2.4% (-2.6% net) compared to the 2.9% decline of the MSCI Emerging Markets Index, as measured in US dollars.   Performance throughout the period varied markedly within emerging market, with a stark divergence between EMEA and Latin America.  Performance across the market capitalization spectrum also varied, with small and mid-cap EM stocks substantially outperforming the broad EM index.  Overall, EM equities outperformed developed markets in the third quarter.