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The Year in International Funds 2011

The can't-miss markets finally missed, and other tales of woe.

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For many years, investors may have had concerns about sluggish growth in the United States, debt woes in Europe, and myriad issues in Japan. But faith in China and other big emerging markets, such as Brazil and India, ran deep. Surely those rapidly growing economies would keep the world's stock markets humming?

Not in 2011. The long-term growth stories remain enticing in emerging markets, and their stock markets may well return to their trend-beating ways. But last year served as a reminder that all rallies must pause at some point and that rapid rates of GDP growth don't necessarily translate into stock-price gains.

Gregg Wolper does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.