Over the same period, the Morgan Stanley Capital International World index returned just 12% a year on average.

FORBES: Best-Kept Secret

Since mid-1999 the U.S. and Japanese markets and the Morgan Stanley Capital International EAFE Index of European and Asian stocks are all off between 13% and 22%.

FORBES: Do It Yourself

The Laudus Rosenberg International Small Cap Equity Fund is up an annualized 9.3% in the past five years while the Morgan Stanley Capital International EAFE Index gained just 3.2%.

FORBES: 2004 Mutual Fund Survey

Emerging markets often spring such surprises, but the Morgan Stanley Capital International Emerging Asia Index is up 18% in the year to date, following four consecutive annual increases.

FORBES

The ray of hope will break through if Morgan Stanley Capital International's popular international stock index is altered, perhaps in early December, to place more weight on the percentage of a firm's shares that are publicly traded.

ECONOMIST: Asia’s rollercoaster rides | The

Since 1991 White's international portfolios have returned an annualized 11.2%, compared with a 9.4% annual return for the Morgan Stanley Capital International World ex U.S. index.

FORBES: One ratio does not fit all

An index of emerging-market shares compared by Morgan Stanley Capital International has fallen by about 16% from its peak in mid-April.

ECONOMIST: Financial markets