STOCK markets in big emerging-market countries like China, Brazil and Russia have been sagging. But the returns have been splendid for their oft-overshadowed smaller siblings - frontier markets like Kazakhstan, Kenya and Kuwait. Mutual funds that invest in the frontiers have surged, according to Morningstar, returning an annualised average of 5.9 per cent over the three years through March. By contrast, emerging-market funds have lost an annualised average of 0.3 per cent in the same period.
Frontier markets, as the name implies, are at the outer edge of publicly traded investments. They are among the least developed stock markets, though not necessarily in countries with the least developed economies....
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