While the MSCI Frontier Markets index formally classifies some 23 countries as 'frontier' markets, there are actually around 160 countries that do not feature in developed or emerging market indices which could be considered frontier.
Woodford Patient Capital among losers
Since it overheated in 2011, following a four-year bull phase that was characterised by expensive equities and an overvalued currency, the Vietnamese economy has been turned around in classic monetary and fiscal fashion.
With possibility of 20% plus corrections on the horizon, manager cautious on ASEAN markets over the next 12 to 18 months.
Hedi Ben Mlouka, CEO of Dubai-based Duet MENA, explores the prospects for Vietnam and Pakistan - two countries which are "very much the architects of their own fortunes".