Emerging markets return to former glory

Emerging market funds are back on the 'buy' list as many claw back positions lost in the turmoil of the late 1990s.

Two gems of recent times are London-based Montpelier's Consulta Emerging Markets Debt Fund and the Russian Federation First Mercantile Fund run by the rarely available Yury Lopatinsky in Moscow.

Ranked number two in the emerging market global class for hedge funds is Montpelier's Consulta Emerging Markets Debt Fund. That fund was up 29.4% in 2001 and a staggering 397% since its launc