Small can be beautiful in the emerging markets universe. Many investors flocking to the asset class this year have focused on the biggest names when in fact there have been, and will continue to be, better returns to be had away from the beaten track.

Traditionally, investment in emerging markets has focused on bonds, not stocks. But this year, the MSCI Free index is up close to 10 per cent and has outpaced the equivalent debt benchmark for the first time since the late 1990s.