Five of the Best: Emerging market winners

Austin Forey, manager of J.P. Morgan's £1bn Emerging Markets fund, reveals five of his top stock ideas from across his developing market universe.

1. Ultrapar The Brazilian industrial group with operations in Brazil, Mexico, and Venezuela is the second largest fuel distributor in Brazil with a 21% market share. Forey said: "We have held it for a long time, it is very much the kind of business that we like to own. "A boring industrial business, in a boring industrial sector. What attracts us to it is the culture, it has a really great long-term record of generating value for shareholders. "It is the kind of business where, when the management cannot find something to do with the cash that is building up on the balance sheet...