BOSTON: US emerging market fund managers are paying less attention to where a company is located or listed than to whether it’s making money, either as an advanced world company doing business in the developing world, or the other way around.
A top holding in the US$710mil Ivy Emerging Markets Equity Fund, the best performing diversified emerging market fund over the last five years, is Las Vegas Sands Corp, the US-based casino operator that generates most of its revenue in Macau.
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