In his latest column for Forbes.com, Validea CEO John Reese says that recent troubles in emerging markets have created some nice opportunities in EM stocks. 

“Huge demonstrations in Brazil, a slowdown and possible housing bubble in China, a coup in the Middle East, and continuing concerns about demand from the developed world — emerging markets investors have had plenty to worry about over the past few months,” Reese writes. “But, unless you were overloaded with emerging markets stocks, that’s good news, because now many solid EM stocks are trading at far more attractive valuations than they were at the start of the year.”

Reese also discusses a recent research paper from O’Shaughnessy Asset Management, which is headed by quantitative investing guru James O’Shaughnessy, that found that using fundamental-focused strategies can yield big returns in EMs. And he looks at four EM stocks that his Guru Strategies, which are based on the approaches of some of history’s greatest investors  (including O’Shaughnessy), are high on. Among them: Russian oil giant Lukoil.