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The best way to participate in the growth of emerging economies may be to hold blue-chip multinational companies -- no matter where they are based.

"Where a stock is listed is becoming almost irrelevant," says Sarah Ketterer, co-manager of Causeway Global Value Fund (CGVIX).

At Causeway and elsewhere, money managers and analysts who spent careers following U.S. banks, airlines or drug-makers now scour the globe for the most compelling companies at the most attractive prices.

"To make good stock decisions, you'd better have a global perspective," says Bob Turner, co-manager of Turner Core Growth Fund (TTMEX).

What matters is not where a company is headquartered but where it generates its revenues and profits, and where its growth opportunities lie. Tobacco giant Philip Morris International is based in New York City but generates 100% of its sales abroad. Teva Pharmaceutical Industries (TEVA, news), the world's biggest seller of generic drugs, has its headquarters in Israel but books most of its sales in the United States and Europe.

We assembled a list of 10 companies -- five based in the United States and five overseas -- that are global leaders in their industries. In addition to strong profitability, finances and management, we sought businesses with bright growth prospects, which in several cases stem from exposure to emerging markets. The stocks may not be cheap but are trading at prices that appear attractive relative to the companies' commanding market positions and business prospects.

• Denmark

Peter Baughan, co-manager of the Harding Loevner Global Equity Fund (HLMVX) identifies companies that tap into long-term-growth themes. He's found one such theme in diabetes, a disease that is reaching epidemic proportions worldwide. Baughan's play on this disease is Novo Nordisk (NVO, news), the leader in diabetes care with just over half of the global market for insulin.

By the end of this decade, half of all adult Americans will be diabetic or pre-diabetic unless they change their diets and lose weight, according to UnitedHealth Group. The incidence of diabetes is also exploding in India and China, where diets and lifestyles are shifting abruptly as incomes rise.

Unlike its diversified competitors in the synthetic-insulin business, Novo Nordisk benefits from its laser focus on diabetes. It plows 15% of annual sales into research, which leads to contraptions such as pen-delivery systems for insulin and new drugs such as Victoza, a once-a-day insulin shot that also promotes weight loss.

• Japan

The grim economic news from Japan makes it easy to forget that the country is home to many manufacturers of innovative, high-quality products. Canon (CAJ, news), a world leader in printers, copiers, high-end cameras and semiconductor-making equipment, exemplifies Japan's prowess in precision engineering and product miniaturization.

With a powerful global brand, Canon generates about 80% of its sales outside of Japan. Rob Taylor, co-manager of the Oakmark Global Fund (OAKGX), notes that 30% of Canon's revenue comes from royalties (every Hewlett-Packard laser printer uses Canon technology) and products, such as ink cartridges, that customers buy repeatedly.

Canon has $9 billion of cash on its balance sheet and no debt. The Tokyo company has been repurchasing shares -- unusual for a Japanese company. By Taylor's calculation, Canon sells at a steep discount to his estimate of its true worth. In addition, the stock yields 2.5%.

• Germany

When you combine superb engineering with ruthless cost cutting, you create a formidable competitor. That's the story of venerable Siemens (SI, news), a lumbering giant no more.

"Siemens is going through the greatest transformation since the beginning of the company, 163 years ago," says David Marcus, the manager of Evermore Global Value Fund (EVGIX).

Siemens' decision to reduce head count, close plants and exit businesses in which it's not the No. 1 or No. 2 player accelerated when Peter Löscher became the chief executive in 2007. "Löscher makes changes, not excuses," says Marcus. Productivity and profit margins are surging, and earnings are up despite modest sales growth.

Siemens is a global force in industrial-automation, power-generation and transportation equipment. In the quarter that ended Sept. 30, the company landed orders to supply Amtrak with 70 locomotives and to build a steel mill in Brazil and a power plant in India. Siemens also has important businesses in medical equipment, auto electronics and lighting.

Over the past five years, revenues from emerging markets have risen from 19% to 30% of sales (Germany accounts for 15% of Siemens's business). The company is focusing its expansion efforts on Asia.

• Mexico

If you're a purveyor of food, beverages, toothpaste or shampoo, developing nations are where the growth is. You can tap into that demand with Coca-Cola(KO, news), which blankets the globe. Or you can focus on fast-growing Latin American countries by investing in Coca-Cola Femsa (KOF, news), the largest bottler of Coca-Cola products outside the United States.

"Coke Femsa is a great way to play consumer spending in emerging markets," says Evermore's Marcus.

Coca-Cola Femsa, 32% owned by Coca-Cola, already dominates in Mexico, whose citizens drink 60% more Coke beverages per capita than do Americans. The big growth opportunities are in fast-growing markets such as Brazil, Colombia and Panama, where Femsa is deploying surplus cash from Mexico to attract the young, fast-growing populations with the new-found wherewithal to buy brand-name beverages.

The bottler, which accounts for 10% of Coca-Cola's global volume, recently entered a joint venture with the Atlanta company to sell juices and sports drinks in Latin America.

Marcus thinks that Coca-Cola Femsa, known as an excellent operator, will be a large beneficiary of the parent company's push to consolidate its bottling operations.

• Switzerland

When you mix Asia's rapidly spreading affluence with its cultural affinity for brand names, you have a mouthwatering recipe for Compagnie Financière Richemont (CFRUY, news), owner of the Cartier, Van Cleef & Arpels, Montblanc and other luxury brands.

In the first half of Richemont's fiscal year, which ended Sept. 30, sales in the Asia-Pacific region, excluding Japan, surged 50%, to 36% of total sales. (Japan accounted for an additional 11 %.) The company struggled to keep up with demand for its watches and jewelry.

Controlled and run by Johann Rupert, a low-profile South African, Richemont establishes a retail presence for its luxury brands wherever wealth is minted. Says David Winters of Wintergreen Fund (WGRNX, news): "When people get richer, they like to look sharp and adorn themselves with baubles that say 'Look at me. I'm a success.'"

Winters says that Richemont's accounting is conservative, and he expects earnings to climb at an annual rate of about 15% for years to come.

• United States

The steady stream of imaginative products from Apple has redefined industries and made competitors such as Microsoft and Sony look slow. (Microsoft is the publisher of MSN Money.) The key questions about the stock are whether a company as large as Apple can keep growing at its breakneck pace, especially with co-founder Steve Jobs on a medical leave of absence, and whether the shares still offer value after a 58% run-up over the past 12 months.

The Cupertino, Calif., company is in the forefront of the smart-phone industry, which is expanding by 25% a year, and in tablet computing, which analysts expect will grow even faster.

"People are underestimating the potential of tablets, which are a transformational event in computing," says Turner, who thinks Apple could earn $21 a share in the fiscal year that ends next September, about 8% more than analysts' average forecast. If he's right, and if you deduct the company's cash pile from the stock's price, Apple can be considered cheap for a high-quality company expected to generate earnings growth of 20% a year over the next three to five years.

• Content is King

Business looks good at Walt Disney on both a cyclical and a long-term basis. Consumers are spending in its theme parks and on its cruise ships. TV ad rates are rising, the company's movie studio is turning out hits such as "Toy Story 3", the first animated film to gross $1 billion, and its sports-TV juggernaut, ESPN, is immensely profitable.

"The ESPN franchise cannot be replicated," says Cory Gilchrist, co-manager of Marsico Global Fund. "Live sports are the one thing people want to watch on large-screen TVs with friends."

Disney has demonstrated an ability to push unique, iconic content to growing global audiences through broadcasting outlets and over the Internet. "Content will be king," says Jerry Jordan of the Jordan Opportunity Fund

The Burbank, Calif., company last month announced a 14% hike in its annual dividend, to 40 cents a share, a sign of confidence in the future.

• Like a Toll Collector

MasterCard, like rival Visa, processes credit and debit transactions. Like a toll collector, MasterCard extracts a percentage of each electronic payment. Unlike the bank that issues the card, MasterCard assumes no credit risk. Of course, it can suffer if the number of transactions declines.

MasterCard's growth comes from the inexorable shift from cash to electronic transactions around the globe. The U.S. market is relatively mature, but the rest of the world, including Europe, is fast catching up. MasterCard, headquartered in Purchase, N.Y., generates 65% of its revenues overseas, where sales jumped 15% in the first nine months of 2010.

Visa and MasterCard benefit from the network effect: The more cards they have outstanding, and the more merchants and financial institutions in their global-payments networks, the more difficult it is for newcomers to break into the business. The results show in MasterCard's financials: an eye-popping 53% operating profit margin and a towering 35% return on equity (a measure of profitability).

MasterCard's stock took a hit from the rising threat of tighter government regulation of debit interchange fees. While lower fees would be a drag, the stock remains positioned to benefit from MasterCard's enormous global growth opportunities and rapid expansion.

• Thirsty for Oil

As demand for oil has perked up, the price of crude recently pushed past $90 a barrel. Credit the insatiable thirst for oil from emerging markets such as China, where annual car sales have multiplied tenfold in 15 years and eclipsed those of the United States.

That's why the future looks bright for Schlumberger, a maker of drilling and well-testing equipment and the world leader in oil-field services.

Oil is getting harder to find and more expensive to develop. The International Energy Agency says half of the oil that will be needed by the end of the next decade has yet to be developed or found. New sources will come from such hard-to-tap places as deeper offshore waters and more-remote fields.

Harding Loevner's Baughan says Schlumberger -- with the best technology, the most advanced portfolio of services and the industry's biggest global presence -- "is in the catbird seat" when it comes to being hired by exploration companies for complex projects.

The Houston company generates 85% of its earnings outside North America. Those profits will soar with an increase in exploration. Analysts expect Schlumberger's earnings to surge 37% in 2011 and by 17% annualized over the next three to five years.

• A Culture of Innovation

Best known for such brands as Post-It Notes and Scotch tape, 3M is a diversified industrial conglomerate that makes more than 50,000 products -- from adhesives to drug-delivery systems, and from touch-screen systems to highway signs.

What the diverse businesses share are a culture of science, product innovation, large libraries of patents and high profitability. The St. Paul, Minn., company's operating profit margin of 23% is exceptional for an industrial enterprise, and its return on equity is consistently above 25%.

3M operates in 65 countries and produces two-thirds of revenues abroad, half of that from emerging economies. The balance sheet is solid, with cash in the till exceeding debt outstanding. Steady 3M has paid a dividend every quarter since 1916.