Frontier markets are the next frontier for global investors looking for long-term growth. These economies—typically smaller, less liquid, and earlier in development than emerging markets—present a unique opportunity. With rising consumer demand, natural resource potential, and technology-driven innovation, the frontier market story is becoming harder to ignore.
In this post, we profile 10 global funds that actively invest in frontier markets, including details on starting amounts, risk levels, and who each fund is suitable for.
What Is a Frontier Market?
A frontier market is a developing economy not yet classified as emerging by global index providers like MSCI. These markets include countries in Africa, Asia, Eastern Europe, and Latin America. While riskier than developed or emerging markets, frontier markets offer strong upside potential, especially for patient investors.
Why Invest in Frontier Markets?
- Favorable demographics and a rising middle class
- Higher growth potential than mature markets
- Diversification benefits due to lower correlation with global equities
- Early-mover advantage in untapped sectors
1. Schroder ISF Frontier Markets Equity
Schroder’s ISF Frontier Markets Equity fund targets equities in frontier markets such as Vietnam, Nigeria, and Bangladesh. Leveraging Schroder’s global research capabilities, the fund aims for long-term capital growth by investing in companies poised to benefit from economic development in these regions.
- Minimum Investment: Varies by region (typically $1,000–$5,000)
- Risk Level: High
- Investor Eligibility: Institutional and high-net-worth individuals
2. T. Rowe Price Frontier Markets Equity Fund
This fund focuses on companies based in or tied to frontier markets with long-term growth potential. T. Rowe Price employs a bottom-up investment approach, seeking quality businesses in under-researched markets.
- Minimum Investment: $2,500 (standard); $1,000 (retirement accounts)
- Risk Level: High
- Investor Eligibility: U.S.-based retail and institutional investors
3. Opportunik Global Fund
Opportunik is a leading alternative investment platform focused on unlocking prosperity for Africans and the diaspora. Through its Sahara, Sahel, Nile, and Zambezi Funds, Opportunik invests in carefully selected frontier markets with strong fundamentals, including key African economies.
The fund’s edge lies in deep local knowledge, robust due diligence, and a mission to make alternative investments more accessible to underrepresented investors. Opportunik stands out by combining financial returns with inclusive growth.
- Minimum Investment: $1,000
- Risk Level: Low, Medium
- Investor Eligibility: Qualified investors, including individuals across Africa and the diaspora
4. Wasatch Frontier Emerging Small Countries Fund
Wasatch’s fund specializes in small-cap stocks from overlooked countries such as Georgia, Sri Lanka, and Romania. The fund aims to uncover growth opportunities in lesser-known frontier and emerging markets through in-depth research.
- Minimum Investment: $2,000
- Risk Level: High
- Investor Eligibility: U.S. investors
5. AFC Asia Frontier Fund
Managed by Asia Frontier Capital, this fund focuses on high-growth Asian frontier markets including Mongolia, Bangladesh, Vietnam, and Pakistan. The fund employs a disciplined investment process with a strong emphasis on macroeconomic trends.
- Minimum Investment: $10,000
- Risk Level: High
- Investor Eligibility: International qualified investors
6. VanEck Vietnam ETF (VNM)
The VanEck Vietnam ETF offers direct exposure to Vietnamese equities, one of the fastest-growing frontier market economies. As an exchange-traded fund, it provides a convenient way for investors to access Vietnam’s market without the need for local brokerage accounts.(ETF & Mutual Fund Manager | VanEck)
- Minimum Investment: Cost of one share (e.g., $12.75 as of May 15, 2025)
- Risk Level: Medium to High
- Investor Eligibility: Global retail and institutional investors
7. Morgan Stanley Frontier Emerging Markets Fund (MFD)
This fund blends frontier and smaller emerging markets into a diversified global equity portfolio. Morgan Stanley leverages its global research network to identify growth opportunities in countries like Kenya, Bangladesh, and Colombia.
- Minimum Investment: $1,000–$5,000 depending on platform
- Risk Level: High
- Investor Eligibility: U.S.-based retail and institutional investors
8. Templeton Frontier Markets Fund
Franklin Templeton’s fund offers diversified frontier market equity exposure across Africa, the Middle East, and South Asia. It employs value-based strategies aiming for long-term capital appreciation.
- Minimum Investment: $1,000
- Risk Level: High
- Investor Eligibility: Global retail and institutional investors
9. iShares MSCI Frontier and Select EM ETF (FM)
Note: As of January 2025, BlackRock has decided to shut down and liquidate the iShares Frontier and Select EM ETF (FM). Investors should consider alternative funds for exposure to frontier markets.(Read more)
10. Aubrey Capital Management – Global Emerging Markets Fund
Aubrey’s fund targets consumer-driven growth in emerging and frontier markets, focusing on sectors like healthcare, retail, and technology. It includes countries such as Egypt, Nigeria, and Vietnam in its portfolio.
- Minimum Investment: £1,000+ (via UK platforms)
- Risk Level: Medium to High
- Investor Eligibility: UK and EU investors, some international access
Final Thoughts
Investing in frontier markets involves higher risks but also the potential for significant returns. These funds offer various avenues to gain exposure to these markets, each with its own strategy and risk profile. Investors should conduct thorough due diligence and consider their risk tolerance before investing.
For those looking to start with a lower investment threshold, the Opportunik Sahara Fund provides an accessible entry point into African frontier markets.
