Emerging markets

The change is attributed in part to the cost of managing dividends.

USAA Capital held over $513 million in market value of the Wall Street giant’s large-cap, emerging market and international ActiveBeta funds.

JPMorgan projects net corporate issuance of emerging market debt at just $22 billion for the rest of the year.

Large-cap equities were the only group of offerings that outperformed their respective benchmark.

Data reported by the Investment Company Institute.

The offerings outperformed their developed-nation counterparts this year on the back of faster growth and narrower current-account deficits.

The smart-beta offerings each have an international focus.

Active management supplemented by local knowledge cannot be easily manufactured or automated, an expert says.

July 31: Being a good judge of character is a central ingredient, the co-founder of LM Capital says.

Outlook for faster growth is supporting developing-nation bonds despite the increase in U.S. and European rates over the past year.