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Article: Emerging Markets Produce Real Profits: After almost disappearing, emerging market funds are roaring back. A look at what's happening.
- Article from:
- On Wall Street
- Article date:
- May 1, 2004
- Author:
CopyrightCOPYRIGHT 2004 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Maybe it's all the talk about China. Maybe it's the sudden awareness of India as a software and outsourcing powerhouse. Or maybe it's just plain old performance. Whatever the reasons, emerging markets - and the mutual funds that invest in them - are enjoying a renaissance.
Last spring, after three truly awful years, this nearly forgotten sector began to soar. It was about time; the bad years were pretty bad. At year-end 2000, Lipper data show that 211 emerging markets funds reported a cumulative loss of 29.91 percent. For 2001, the losses were 2.08 percent; in 2002, the funds once again posted a loss of 5.03 percent.
By 2003, just 182 survivors remained ...