In India, top ten holding Bata India has been selling shoes since the early 1900s. Each of its 1,250 stores scattered throughout the country is about half the size of a convenience store, and its next biggest competitor has far fewer stores. "Bata India is elegantly simple, yet it's also in a position to grow and remain dominant in its niche," says Geritz. "Compare that to China, where I can name at least five companies that have 6,000 stores apiece."

In Brazil, a strong culture of consumerism is well in place. During her trips to the country, Geritz has noticed that people differentiate between high-end and low-end merchandise and aren't shy about using credit cards.

While most emerging market ETFs invest heavily in commodity-related companies for their Brazilian sleeve, Wasatch zeros in on consumer stocks such as Cia. Hering, a trendy retailer with an instantly recognizable fish logo. New Brazilian additions to the portfolio include Diagnosticos da America, the largest clinical diagnostics and imaging laboratory in Brazil, and apparel store chain Marisa Lojas.

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