The mutual fund industry is known for churning out “hot-dot” funds that follow the latest investment craze, but as The Wall Street Journal notes in a recent column, it’s hard to believe but there are fewer than 10 small-cap emerging markets funds available.

Since the market’s low in March, emerging markets funds have nearly doubled, and one of the best ways to gain exposure to the region is through small-caps.

Both the Templeton Emerging Markets Small Cap and Wasatch Emerging Markets Small Cap funds are up more than 70% this year through August. The one small-cap emerging markets exchange-traded fund, the SPDR S&P Emerging Markets Small Cap fund, is up 62%.

Asian small-company stocks are “where the growth is. It’s an underinvested space for U.S. investors,” said Robert Gardiner of Wasatch Advisors.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.