The manager of the Oakmark International Fund, David Herro, believes it is a good time to invest in emerging markets. The fund had roughly one-quarter of its portfolio in emerging markets in the late 1990s and “benefited greatly” from that decision over the next decade, Herro says. Then, investors became interested in emerging market stocks and “by the end of the last decade, prices got stretched,” so the fund reduced its emerging market stocks to near zero. “Now we’re finally starting to see that come full circle again,” according to Herro. He points to both “good valuations” of companies and a “tailwind” from undervalued currencies in countries like Indonesia.