"We made it very clear that these are backtested numbers, " says Alan Alpers, a senior portfolio manager at Niemann.

WSJ: When Cheap Funds Cost Too Much

Another fan of emerging-market debt: Morgan Harting, senior portfolio manager and emerging-markets multi-asset team leader at AllianceBernstein Investments Inc.

WSJ: The Allure of Emerging-Markets Bonds

"In 1996, Southeast Asia will continue to battle inflation, " says Samantha Teo, a senior portfolio manager at Nikko Capital Management in Singapore.

CNN: BUSINESS FORECAST '96

"When you buy all these different funds, you may accidentally overweight a sector you don't want to overweight, " says Dina Ting, a senior portfolio manager with BlackRock.

WSJ: Single-Country ETFs: Risky Ventures

"It is still early days, " said Nader Naeimi, senior investment strategist and portfolio manager at AMP Capital in Sydney.

WSJ: Asia's Export Face-Off

The compliance director, a lawyer, patiently explains that as an employee of the manager there is little he can do other than discuss the matter with senior management-a small group which includes the guilty portfolio manager.

FORBES: Hidden Crimes; Too Many Secrets: How Money Managers Hide Illegalities From Investors (August 1, 2000)