David Herro knows a thing or two about investing internationally. He was recently named Morningstar's International Manager of the Decade.
He was previously pretty heavily invested in companies operating in emerging markets. He has been getting rid of that exposure.
The obvious question then becomes... why?
Valuation of course!
He doesn't think emerging markets are "catastrophically" overpriced, just that there are better opportunities elsewhere.
What Herro thinks is a better bet is investing in companies that do a large percentage of their business in the emerging world. This gives an investor exposure to the rapid growth in the emerging world but at a better price.
In the video below Herro provides a couple of ideas.