China, the world's second-largest economy, has had a building boom.
"No country has ever invested so much in real estate," says Nicholas Lardy of the Peterson Institute for International Economics.
Sound familiar? A housing crash there wouldn't be just like ours. But any sharp slowdown in this fast-growing country, where an authoritarian government faces citizens who have rising expectations, could mean nasty surprises.
In the topsy-turvy market of the past five years, these managers led their funds to the best performances. Here's what they're bullish on now.