I'll admit it. I've never been to the Middle East or Africa, despite having friends who have lived or are living there. While I usually think of those far-flung regions as exciting travel destinations, there are several fund managers who see these places in a far different light. Larry Seruma, Rajiv Jain, Oliver Bell, Roger Edgley and Nicholas Kaiser are among those fund managers that we interview in our cover story who share their insights into why their emerging market funds met with success in the past year. Our coverage starts with "The New Emerging Markets: Africa and the Middle East Spell Opportunity."

As part of our global package, Milton Ezrati also offers his erudite views on the challenges facing these nations who are perceived as up-and-coming. In "Emerging Markets: A Good Value," he zeroes in on China and what is hindering its impressive growth.

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