A Bargain Hunter in Emerging Markets

Emerging markets have been a tough place lately for equity-fund managers to generate positive returns. The MSCI Emerging Markets Index was down 2.2% last year, as investors favored U.S. stocks.  The $3.2 billion Thornburg Developing World fund lost 3.04% in 2014, trailing Morningstar’s Diversified Emerging Markets category by three basis points (0.03%). But manager Lewis Kaufman, 39, who has run the fund since it launched in late 2009, has done well over longer periods. The fund’s five-year annual return of 7.7% is at the top of its peer group.

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