Investors may be surprised to discover that their mutual fund managers have been investing in emerging markets more deeply than they think, The Wall Street Journal reports. According to the Journal, the recent downturn in the stock market and its impact on mutual fund returns are exposing just how much managers have invested client money in Brazil, Russia and India. Morningstar found that the industry average for investment in emerging markets is about 10% of assets, but that an estimated dozen funds have put in much more. In fact, the Journal says Janus Capital Group’s Janus Overseas Fund has nearly 40% of its assets in emerging markets, with 15% in India. A Janus spokesman noted that while the fund suffered losses in May, it grew 52% in the past 12 months.