Emerging Markets
作者估计新兴市场投资者每年面临2%到5%的投资成本，足以改变潜在回报与风险的平衡。文章分析了交易相关成本、运营成本和管理费三种成本，并探讨了降低换手率、购买非国内股票、改变国家配置、使用替代投资工具和指数化等策略的优缺点，建议结合多种成本限制策略与主动管理。
Emerging markets investors face annual investment costs that the author estimates at between 2% and 5% annually. At these levels, the costs are enough to alter the balance between potential reward and risk. The author examines three types of investment costs—transaction–related costs, operating costs, and investment management fees—and a variety of strategies that investors can use to help reduce or control these costs. The benefits and limitations of various approaches are examined, including reducing turnover, purchasing non–domestic shares, altering country allocations, using alternative investment vehicles, and indexing. The author advocates a combination of several cost–limiting strategies combined with active management as the most cost–efficient approach to investing in the emerging markets.