For many in the investment community, emerging markets will remain in the limelight for the foreseeable future, particularly the Bric economies of Brazil, Russia, India and China. Indeed, we will almost certainly have to look to these large, fast-growing nations to take up the slack in global growth created by the slowdown in the west. Other large markets, such as Indonesia, may also contribute, but the onus will fall upon the Brics.

Recently we have seen growing interest in a group of smaller emerging markets, sometimes dubbed the Next 11. These countries (Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey and Vietnam) offer an interesting theme, but many of these markets are relatively illiquid, which presents problems for international investors. Others, like Mexico and South Korea, rely on global trade, which exposes investors to many of the same concerns facing western economies.

As a group, the Next