Among those smaller markets Advance Emerging Capital would highlight Vietnam, where there has been a strong turnaround in economic fortunes, Kenya, which is a fast-growing East African hub for a variety of industries, and Romania, which offers some interesting bottom-up opportunities.
Andrew Lister is co-chief investment officer at Advance Emerging Capital
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Key figures
19.8%
The gain made by the MSCI Frontier Markets index so far this year
3.8%
Returned by the MSCI World index during 2014
50%
More than half of the MSCI Frontier Markets index is exposed to just three countries
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