Thornburg's Developing Market Strategy: Consumers Rule

A safer strategy for emerging markets? This fund manager invests in local companies that supply consumer needs.

Philippine Navy's dragon boats in Manila Bay, Philippines
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"You have to take a long-term view to be in emerging markets, and they are not for everybody," Kaufman says. His own fund has gyrated through double-digit gains two of its years and a double-digit loss for one year. In any given year, the markets may be up or down. "The long-term outlook for at least some emerging markets is bright. It's not bright for all, but it's bright for many."