Top fund manager David Herro, who benefited from emerging market stocks in the 2000s, is now finding little opportunity among them. “It all has to do with price,” Herro tells Bloomberg. He says his fund went big into emerging markets in the late 1990s, but has pared back more and more as prices have gone up. He says emerging equities aren’t “catastrophically overpriced”, but that there are better opportunities now. Herro likes developed-world companies that capitalize on emerging market growth, like Daimler. He says he is most concerned with price and free cash flow when picking stocks, and adds that investors often get too wrapped up in what country a company is based.