Latin American funds have been outstanding performers this year, but let's not break out the piatas just yet.

There has been plenty of news to cheer about south of the border in the first seven months of 2003, as political stability and improving economic fundamentals have brought new money into the tumultuous region following a disastrous 2002. The average Latin American equity fund has produced a 23.2% return so far this year, according to Lipper. In the one-year period ending July 31, they've posted a whopping 32.4% gain.

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