Where to Find the Best Emerging Markets Returns

Asian nations such as India stand out, and so does Brazil, managers say.

For some time, emerging markets were a great place to invest. Then that faded. But not everything is equal. The big question today is: What nations offer the best chances of outperformance going forward? We asked a group of asset and research managers what their emerging markets picks were, and they came up with a list that is primarily in Asia.

The other common element was that each of the picks have strong industrial components. While some are raw materials producers—the typical mainstay of developing economies—they all feature a manufacturing base that is expected to serve them well over the long haul.