The 160 frontier and emerging countries that don't appear in an index

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.

Rather than a single asset class, we look at these countries as a series of individual opportunities where the stock markets are driven by domestic, rather than global factors. This very low correlation with global markets and between most individual frontier markets is a positive for the latter.  Secondly, against the backdrop of low global growth, there are a number of very strong growth stories within the frontier markets universe. Domestic growth within these markets is normally driven by political, economic and stockmarket reform and we see very high correlation between these reform...