WASHINGTON (Dow Jones) - Many mutual-fund managers are increasingly comfortable buying emerging-market stocks directly. Others, like Wendell Perkins, prefer shares of companies that invest in these fast-growing areas.

This cushioned approach to global growth is a key strategy for the large- company JohnsonFamily International Value Fund (JFIEX), which Perkins runs with Margaret McKay and Edward Maraccini.

Emerging markets have delivered stunning returns, but these areas are historically volatile. Perkins views big European multinationals in particular as both diversified enough to weather regional storms momentum and positioned to capture earnings momentum.

"What we really like about the European companies is their ability to expand east," Perkins said. East, to Eastern Europe and Russia, that is.

Perkins supports this theme with a stake in Volvo (VOLVY) . The Swedish truck maker, which sold its automobile business to Ford Motor Co. (F) in 1999, manufactures its own as well as Mack and Renault nameplates, giving it a major share of the worldwide trucking industry.

Volvo's operation in Eastern Europe is growing as economies there expand and demand for transporting goods rises, Perkins said. "We really like Volvo's prospects on a global basis," he added.

Shares of Volvo fell 66 cents on Monday to $44.22 . The stock is one of about 125 issues now in International Value's $91 million portfolio, which aims for stable, long-term returns with below-average risk.

But avoiding emerging-market stocks has its downside, Perkins acknowledged. While International Value rose 17.6% in the 12 months through Feb. 3, its peers averaged a 20.9% gain, according to fund research firm Lipper Inc. The fund's three-year average 25.4% return also trails its category's 27.7% annualized gain.

Managers who embrace emerging markets have produced higher returns, Perkins said. But, he added, "we don't think you have to take those kinds of risks in order to have good long-term return."

A longer-term strategy also leads Perkins to Heineken NV (HINKY), the Dutch brewer.

Like Volvo, Heineken is "very focused on growth eastward," Perkins said. Heineken also makes the best-selling Amstel Light brand and has distribution rights in the U.S. for Mexican beers Dos Equis and Sol, he noted.

Moreover, Perkins said he expects U.S. customers will again favor beer over wine and further boost Heineken's value. "Today everybody's into wine," in the U.S., Perkins said. "In a few more years it may be back to beer."

Shares of Heineken lost 10 cents on Monday to $34.60 .

Perkins also likes Japanese automaker Nissan Motors (NSANY), partly on the strength of new product development.

"There seems to be some real momentum building at Nissan," Perkins said.

Nissan's vice president of product planning said last month that the company may expand its truck and SUV lineup for North America .

Nissan plans some 28 new models worldwide through March 2008, Perkins said. That's impressive, he added, for a business that not long ago was languishing.

"This company has made a huge change over the years from basically a bankrupt company to a very successful one," Perkins said.

On Monday, shares of Nissan Motors lost 14 cents to $21.81 . (END) Dow Jones Newswires 02-07-06 0946ET Copyright (c) 2006 Dow Jones & Company, Inc.