Looking at the Vanguard MSCI Emerging Markets ( VWO) will provide some clue: the exchange traded fund is up 0.79 percent as of Feb. 1, as is the Wisdom Tree Emerging Markets Equity Income Fund ( DEM).

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Additionally, they picked up the WisdomTree Emerging Markets High-Yielding Equity Fund (nyse: DEM - news - people ), which tracks the performance of the WisdomTree Emerging Markets High-Yielding Equity index.

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The Templeton Emerging Markets Balanced Fund (TAEMX) invests in both emerging markets debt and equity.

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Their competence and duty to advise seemingly encompasses anything a fund may encounter- asset allocation, manager and fund performance, personnel turnover at managers, real estate, private equity, international and emerging markets, hedge funds, fund of funds, brokerage-everything but consultant-related issues.

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Looking at the decline in total assets under management, equity assets are currently at about beginning-of-year levels, indicating that while many equity markets have not provided negative returns for the year, dedicated emerging market equity fund managers may have lightened up in their positioning to account for this retreat in assets under management.

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Suppose, for instance, that you decide to invest in an exchange-traded fund that mirrors the MSCI Emerging Markets Index, which measures equity market performance in 26 emerging economies.

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Audrey Kaplan, co-head of international equity at Federated and manager of the Federated Global Equity Fund (FGLEX) says she is still not adding to her positions in the big emerging markets.

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It goes without saying, therefore, that a US recession will be followed by a significant slow-down in the emerging economies, and an even more significant slow-down in the equity markets of these economies, as was the case in 2008 The iShares of the Emerging Markets Fund (EEM) dropped in tandem with SPDR 500 (SPY) and the Power Shares QQQ Trust (QQQ).

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