Emerging-Market Investing -- How the Pros Do It

By Ben Steverman - 2011-12-09T17:28:30Z

Photograph by Guy Bubb/Gallo/Getty Images

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The Universal Language of Sports

When Donald Elefson, the manager of the Harding Loevner Frontier Emerging Markets Portfolio (HLFMX), first visited Saudi Arabia, airport security was so intense it lived up to his preconceptions as Osama bin Laden's birthplace and a land where women aren't allowed to drive. Then he met with company executives, dressed in traditional garb and surrounded by Islamic decorations. "I have never talked more about American college football than I have in four days in Saudi Arabia," Elefson says. Many execs had attended American universities, and the "most traditional-looking" manager even had an American wife.

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