He readily considers developed-markets-based companies that are delivering superior services and products to developing markets ... at Thornburg Developing World using a similar approach.

Utilities-sector companies derive less than 1% of their revenue from international markets, so they have no exposure to foreign-currency headwinds.

When planning for change in the decades ahead, Western utility companies could learn much from the experience of competitors active in emerging markets, as well as from business units of their own ...