One such is William Calvert, who has more than 20 years experience in the emerging markets field and now manages the Axa Framlington emerging markets fund.
He joined the company from LCF Edmond de Rothschild Securities in 1997 and before that was a fund manager with Citibank. He is backed by a first-class team.
The fund has risen by 170 per cent over five years to November 1 and Calvert believes the outlook for emerging markets is still excellent because of the enormous levels of global liquidity. This ensures that nearly all news is good news. Even the nuclear test in North Korea had little impact on the stockmarket there.
The fund is widely spread in the Asian-Pacific areas, which account for around 57 per cent of the fund, with 19 per cent in Latin America, 13 per cent in Eastern Europe and 10 per cent in Africa and the Middle East.
Some of the bigger holdings include Reliance Communication Venture, Petroleo Brasileiro, Hon Hai Precision, the Vietnam Opportunity Fund, Lukoil Holdings, All America Latina, Megastudy and the Evraz Group.
Recently, the fund bought Infosys, the Indian IT company which is increasing its profits by around 30 per cent a year. Another purchase was Russian property company Open Invest which specialises in cottage developments in the outskirts of Moscow.
Other good funds in this sector include Aberdeen emerging markets, JPM emerging markets and Lazard emerging markets. These funds are volatile but should still form up to 10 per cent of most growth portfolios.