24/7 Wall St. has focused on the ratings with a “positive” outlook from Standard & Poor’s, Moody’s and/or Fitch with a bias towards nations that investors can easily invest in via ADR shares, closed-end funds, and exchange-traded funds (ETFs). The featured nations that may be upgraded in 2012 are Brazil, Chile, China (with Hong Kong), Indonesia, Peru, Russia, South Korea, and Turkey.

Read: Nations Set For Credit Ratings Beyond Upgrades, Beyond The Euro Crisis

There is another slew of countries for which S&P has a “positive” outlook stance: Azerbaijan, Bolivia, Ecuador, Honduras, Latvia, Panama, and Sri Lanka. Unfortunately, these nations are almost impossible for Americans to invest in due to their size, the small number of public companies, and a lack of ETFs or mutual funds covering them.

The 24/7 Wall St. list is presented alphabetically and features relevant ratings. Also included are economic details and important developments to consider. Lastly, we have provided a list of the key closed-end funds, ETFs, and ADRs specific to each nation. Population estimates and purchasing power parity GDP for 2010 were taken from the CIA World Factbook.

All you have to do is look at the exchange-traded funds and closed-end which track the emerging markets and the BRIC nations (and those surrounding the BRICs).  Ugly is not quite the right description and we will explain more after showing just how bad the carnage is.  Greece is no emerging market, but it is on the path to default faster than emerging markets used to default.

The ETFs for the broad emerging markets is not a good signal for their equity markets.  The revolutions of early 2011 did not help, nor did the food inflation, but the economic slowing is taking a hit here left and right.  iShares MSCI Emerging Markets Index (NYSE: EEM) closed down 2.1% at $34.36 and the 52-week trading range is $34.29 to $50.43 (52-week low was Monday).  Vanguard Emerging Markets Stock ETF (NYSE: VWO) closed down 1.75% at $35.20 and the 52-week trading range is $35.13 to $50.92 (52-week low was Monday). 

We have included the most active ETF chart on each from Stockcharts.com at the end of this report.  The data on the BRICs is almost shocking…

BRAZIL

Brazil may have energy independence and the Olympics headed its way, but the implosion there has been massive.  The BOVESPA lost 2.9% of its value on Monday and let’s just say that its high-flyers are now grounded due to more than just weather.  It seems that minerals and forestry are not going to generate cash, just like it missed out on royalties from the term “Brazilian” in personal grooming. 

iShares MSCI Brazil Index (NYSE: EWZ) closed down 2.1% at $50.89 and the 52-week trading range is $50.71 to $81.77 (52-week low was Monday).  Market Vectors Brazil Small-Cap ETF (NYSE: BRF) closed down 3.15% at $37.96 and the 52-week trading range is $37.73 to $63.78 (52-week low was Monday).  iShares MSCI Chile Investable Market Index (NYSE: ECH) closed down 3.8% at $51.16 and the 52-week trading range is $50.92 to $80.38 (52-week low was Monday).  Aberdeen Chile Fund, Inc. (NYSE: CH) closed down 4.9%  at $13.45 and the 52-week trading range is $13.37 to $26.56 (52-week low was Monday).

We searched for funds and ETF’s in emerging markets from Eastern Europeto Russia to Asia to Africa to South America… and the actualsell-off from highs is starting to look amazing.  We haven’t even had aglobal economic crisis that hit Asia like we did in 1998.Interestingly enough, much of this may be solely on the global growthslowdown and a flight to quality.

What else is interesting is that chasing inflows and outflows for investorsin US markets versus emerging markets in real invested dollar terms isstaggering.  To move the market value of the DJIA up 1% in realsupply/demand driven stock markets is massive.  The value of the DJIA’s30 components alone is worth more than $3.5 Trillion on last look.  Itdoesn’t really take $35 Billion worth of net excess and aggregate stockbuying to drive the entire DJIA up 1%, but so the theory goes.  But a $35 Billionrotation into even a basket of emerging markets would create one hellof a market day around the globe.

Below are some of the closed-end mutual funds and ETF’s from emergingmarkets that hit 52-week lows on Friday and we have even shown how farsome of these are off from their stated 52-week highs:

• The China Fund, Inc. (NYSE: CHN) at $28.35, down 47% from $52.97 high
• iShares Malaysia (NYSE: EWM) at $9.32, down 33% from $14.05 high
• Latin American Discovery Fund Inc. (NYSE: LDF) at $22.10, down 39% from $36.23 high
• Morgan Stanley Emerging Markets Fund Inc. (NYSE: MSF) at $16.16, down 54% from $35.45 high
• RMR ASIA REAL ESTATE (AMEX: RAF) at $10.97, down 35% from $17.08 high
• Claymore/AlphaShares China Real Estate (NYSE: TAO) at $15.99, down 42% from $27.57 high

Here are a few others with recognized names which have hit 52-week lowsin recent days or are at least very close to 52-week lows, and here we haveshown Friday’s closing price and how far down these are from stated52-week highs as well:

• Templeton Russia and East European Fund Inc. (NYSE: TRF) at $45.62, down 41% from $78.00 high
• Indonesia Fund Inc. (AMEX: IF) at $8.69, down about 38% from $14.00 high
• iShares MSCI South Africa Index (NYSE: EZA) at $53.47, down 30% from $76.90 high
• The Chile Fund Inc. (AMEX: CH) at $16.10, down about 33% from $24.00 high

If we were allowed to go on and on, this list of near-low emerging market ETF’s would go on and on as well.

Markets, particularly emerging markets, never die off permanently andindefinitely.  Many investors use these funds for their IRA’s and forlong-term speculation.  While troubles are abound in Afghanistan, Iraq,Georgia, Sudan, and other great destinations, remember the longsteadfast advice attributed to Templeton’s Mark Mobius: "Invest whenthere is blood in the streets." 

As far as where these trade in the days and weeks ahead is anyone’s guess.  Most investors start falling in love with emerging markets after they have made massive runs and when they look stable.  It takes those with guts and foresight to begin investing in these after they have seen major sell-offs.  Closed-end funds can also trade at huge premiums or discounts their net asset values, and we won’t dare make the analogy these markets are cheap just because they have sold off so much.  But all of these instruments do track markets rather than just a couple stocks and as we noted, those markets never stay down or out of favor forever.

We have started covering some of these issues for long-term investors and here are some of the recent articles:
Africa: The Final Emerging Market Frontier
On the Russian military action against Georgia
China, heading to recession?

Jon C. Ogg
August 18, 2008

INDIVIDUAL RUSSIAN STOCK ADR’s:

• Mobile Telesystems OJSC (NYSE: MBT)   -6.8% at $66.29 on 1.88M shares
• Mechel OAO Company (NYSE: MTL)  -4.2% at $23.05 on 3.6M shares
• Rostelecom OAO (NYSE: ROS)   -3.75% at $68.35 on 64,000 shares
• Vimpel-Communications (NYSE: VIP)   -3.3% at $23.50 on 2.4M shares
• Wimm-Bill-Dann Foods (NYSE: WBD)   -6% at $76.10 on 164,000 shares

EXCHANGE TRADED FUND:

• Market Vectors Russia ETF (NYSE: RSX)   -5% at $40.15 on 946,000 shares

CLOSED-END FUNDS:

• Templeton Russia and East European Fund Inc. (NYSE: TRF)  -2.9% at $45.19 on 35,000 shares
• Central Europe & Russia Fund Inc. (NYSE: CEE)   -4% at $43.33 on 45,000 shares

The open ended mutual funds won’t really see any pricing changes untilthe net asset values update at the end of the day, so where thosereally trade at an end of day hypothetical net asset value might beguesswork.  OPEN ENDED FUNDS:

• ING Russia A Fund (LETRX) 
• JPMorgan Russia C Fund (JRUCX)
• JPMorgan Russia Select Fund (JRUSX) 
• JPMorgan Russia R5 Fund (JRURX) 
• Third Millennium Russia    Fund (TMRFX)
• TEMPLETON RUSSIA AND EAST EUROPE Fund (XTRFX)
• JPMorgan Russia A Fund  (JRUAX)

Jon C. Ogg
August 8, 2008

• Cramer’s Russian pick from Monday was in metals and mining pick of Mechel (NYSE: MTL) for steel demand being driven in Russia, China, and the Middle East.
• On Tuesday, Cramer picked Russian food producing giant Wimm-Bill-DANN (NYSE: WBD) with more than 30%of Russian dairy and as the number 2 and number 3 producer of baby foods and juice products.
• Cramer’s pick on Wednesday, he gave his top pick that night as CTC Media (NASDAQ: CTCM), the fourth largest television broadcaster in Russia with 42 television stations and 30% longterm growth.
• On Thursday, Cramer picked Central European Distribution (NASDAQ: CEDC) as a vodka and liquor distributor in Russia and Eastern Europe.
• Friday’s Cramer pick from Russia was Central European Media Enterprises Ltd. (NASDAQ: CETV), which invests in, develops, and operates national commercial television channels and stations in Central and Eastern Europe.

As far as going abroad, you’ve always heard 247WallSt.com talk about ETF’s and Closed-End funds as trading vehicles that offer significant upside without as much individual portfolio risk due to a single company.  The longest running fund we used for investing in Russia is the Templeton Russia and East European Fund Inc. (NYSE: TRF) and the Market Vectors Russia ETF (NYSE: RSX).

If you have followed Cramer, he’s given many similar country category picks over the course of a week, particularly in BRIC countries.  As far as another BRIC series Cramer has run for Brazil, Russia, India, and China:

• Here were his top Brazil picks.
• Here were his top 5 China picks.
• One time he did BRIC+ME, from BRIC plus the Middle East.

You can join our open email distribution list to hear about special financings, secondary offerings, IPO’s, M&A, and more previews for other special situations in various stages.

Jon C. Ogg
April 11, 2008

Jon Ogg produces the Special Situation Investing Newsletter.  He can be reached at jonogg@247wallst.com and he does not own securities in the companies he covers.

What is odd is not the withdrawal of a closed-end fund.  It is the date: originally filed with the Commission on October 6, 1997.  As per the filing:

• The Registrant believes that withdrawal of the Registration Statement would be consistent with the public interest and the protection of investors  because: 1) the filing was prepared in connection with a proposed initial public offering of the  Registrant’s shares which is no longer  contemplated;  2) no securities were sold in connection  with the  offering;  and 3) the  filing did not become effective.

Before this was filed, Templeton had already brought its Templeton Russia and East European Fund Inc. (NYSE: TRF) public in 1995 and that may have been the first investment vehicle that gave liquid trading possibilities for U.S. investors to invest in Russia (and Eastern Europe).  It had also brought its Templeton Dragon Fund Inc. (NYSE: TDF) public in 1994 as one of the first vehicles that allowed U.S. investors a chance to invest in Chinese companies. 

All of these closed-end funds are run by Franklin Resources, Inc. (NYSE: BEN), which now operates as Franklin Templeton Investments.  These funds also fall under the umbrella of Mark Mobius, who is considered one of the modern fathers of emerging market investing and who was given credit for saying, "invest when there is blood in the streets."

This other fund looks like it was probably filed on the heels of the successful launch of these other two investment vehicles.  There may have been worries that there would be too much overlap in the structure or allocation of these funds.  Or it could have been the other classic reasoning: the paperwork got lost or forgotten about.

You can join our open email distribution list to hear about other mergers, private equity, secondaries, IPO’s and more.

Jon C. Ogg
April 6, 2008

Jon Ogg produces the Special Situation Investing Newsletter and he can be reached via email at jonogg@247wallst.com; he does not own securities in the companies he covers.

• Kenexa (Nasdaq: KNXA) announced on November 8, 2007 that it authorized the repurchase of up to 2 million shares of the company’s common stock, and it has already completed the repurchase of over 1 million shares since the approval of the repurchase program.  It only has about 25.5 million shares outstanding.
• Edgewater Technology, Inc. (NASDAQ: EDGW) announced that its Board of Directors authorized the purchase of up to $5.0 million of the Company’s common stock; approximate market cap is $87 million.
• Harvard Bioscience, Inc. (NASDAQ: HBIO) has authorized the repurchase of up to $10 million of its common stock over the next 24 months; shares rose 5% Friday and its market cap is $130 million.
• Pomeroy IT Solutions, Inc. (NASDAQ:PMRY) authorized a somewhat unusual program to repurchase up to $5 millionof its outstanding common stock.  In addition, the Board adopted awritten trading plan under Rule 10b5-1 of the Act to facilitate therepurchase of its common stock. Rule 10b5-1 allows the Company topurchase its shares at times when the Company would not ordinarily bein the market because of the Company’s trading policies or thepossession of material non-public information. Pomeroy’s market cap is$86 million.
• Alcon, Inc. (NYSE:ACL) approved a new share repurchase program that allows for the purchase of up to $1.1 billionof shares of outstanding common stock targeted over a twelve monthperiod.  The $1.1 billion share repurchase program provides for a purchase of shares from the company’s majority shareholder,Nestle, S.A. Specifically at a rate of three shares fromNestle for every share acquired by the company in the market. This new program is in addition to thecompany’s existing repurchase program, under which, as of December 5,2007, the company has remaining authorization to repurchase up to 2.8million shares. It is anticipated that the new repurchase program willcommence in the first quarter of 2008.
• The Western Union Company (NYSE: WU) authorized an additional $1 billionfor purchases of its common stock through 2009, and this is in additionto the approximately $300 million remaining under previous sharerepurchase authorization. With a $1.3 Billion total plan, it has $17Billion market cap.
• International Assets Holding Corp. (NASDAQ:IAAC) renewed the Company’sshare repurchase authorization for an increased amount of $5,000,000 in shares of common stock.  The renewal will be effective January 1, 2008. IAAC’s market cap is $226 million.
• 4Kids Entertainment (NYSE:KDE) saw its shares rise on a 1 million share buyback of around $11 million; market cap is $157 million.  FULL REVIEW with value investor synopsis.
• Dell (NASDAQ:DELL) was the biggy of the week, but you wouldn’t haveknown it if you saw the stock trades.  It is reinstating its sharerepurchase plan and will spend up to $10 Billion in share buyback.  Its market cap is $55.8 Billion.  FULL COVERAGE.

Many of these buyback stocks are under review for our Special Situation Investing Newsletter.

Here are some of the big updates or increases that took place this week:

• ArcelorMittal (NYSE: MT) has been making updates on itsongoing share buyback in the E.U.   Under the new share buy-backprogram announced on 13 September 2007, Arcelor Mittal has repurchased4,450,000 shares from 29 November until 5 December 2007 at an averageprice of EUR 48.7403 and for a total amount of EUR 215,773,685.00.
• Penson Worldwide, Inc. (NASDAQ: PNSN) has authorized the expenditure of up to an additional $12.5 millionto buy back Company common stock, bringing its total buybackauthorization since July 2007 to $37.5 million.  As previouslyreported, during Q3 & Q4, Penson has bought a total of 1,474,503shares, equal to approximately 6% of shares outstanding in the initialrepurchase plan.
• Celadon Group Inc. (NASDAQ:CLDN) completed its 2 Million share buyback and authorization an additional 2 Million Share Buyback through December 3, 2008; it has 23.76 million shares outstanding.
• H.B. Fuller Company (NYSE:FUL) recently completed its $100 million share repurchase planthat was announced in July and approximately 3.6 million shares ofcommon stock were repurchased; its market cap is $1.56 Billion.
• Health Grades, Inc. (NASDAQ: HGRD) gave an update on itsstock repurchase program: From November 12 through December 3, 2007, itpurchased an additional 309,600 shares on the open market at an averageprice of $5.48 a share.  As of December 3, it has purchased 1,570,554shares of its common stock on the open market at an average price of$4.78 a share. The aggregate purchase price is approximately $7.5million.  Based on it stock repurchase program of 3 million shares intotal, HealthGrades remains able to purchase an additional 1,429,446shares.
• Templeton Russia and East European Fund, Inc. (NYSE:TRF)authorized management to withdraw the Fund’s proposed secondaryoffering of the Fund’s shares of common stock AND authorized managementto reinstate the Fund’s open-market share repurchase program, which wassuspended in connection with the Fund’s proposed secondary offering.This closed-end fund has 5.44 million shares outstanding.

Here was the FULL COVERAGE of our Buyback Summary from Monday Dec. 3:
The Day In Stock Buybacks (SMTC, ASI, EQR, DFS, LCUT, IBM, CPT)

Jon C. Ogg
December 7, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.