Emerging markets pause for breath

By Mark Mobius, manager of the Templeton Emerging Market Investment Trust February was a mixed month for the emerging markets. After chalking up good gains since the last quarter of 2001, some of the markets paused for breath during the month. During the month, the MSCI Emerging Markets Free index gained 0.4%, bringing the year to date gain to 3.7%. With valuations at or still close to their historical lows for many of the emerging markets, the good performance since October 2001 could be a sign of a return of confidence to the emerging markets and the start of a sustained period o...