Another hot find for U.S. Global Eastern European is Russia's Norilsk Nickel, which has mining and metals interests and trades at about a 50% discount to peers, despite having fractional production costs relative to competitors. Bottcher believes the company can go from an $8 billion company to a $20 billion company in short order.

While fund managers and analysts argue that there is some diversification and correlation value to be gained by international investing, despite the fact that in times of stress all markets tend to move alike these days, some argue that correlation isn't really the point anyway. "Clients aren't worried about correlation, they're worried about performance shortfall," says T. Rowe Price's Mills. "That's what gets investors' attention and what we have to worry about."

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