Are these funds (risky/emerging) markets the first to feel the effects of higher interest rates because there are safer places to get a return or is there some other relationship to rates as well?

Our portfolio is woefully under invested outside of the US and I have been looking into some emerging markets. I have been hesitant to invest since many of the funds have had huge run ups the last two years. How would you add the rates forecast to your analysis? Or should I just be cognisant of the fact that the market risk/reward has been changed since rates are rising.

I am learn a lot from the international equities portion of your blog!

Many Thanks!