5. Philippines

The days when China's economy was pushed by heavy growth in infrastructure spending are now wrapping up. However, you can still catch the same beckon elsewhere, if you know exactly where to look. One such place is Philippines, says Kaufman, of Thornburg Developing World Fund. “It's in the early stages of its fixed-asset investment cycle,” he says. Along with government spending, foreign capital is also pouring in via direct investments in companies and projects.

“This will create jobs and lead to an interesting domestic-consumption story,” he adds. The Philippines has a population of near about 93 million, so the consumer-growth theme has some heft. One additional advantage for this country is that its people speak English, which helps in two ways. First - it aids a great help for call centers and other types of outsourcing firms. Second - a lot of Philippines’ citizens move abroad for work. Their cash flow boosts growth, since the money gets reinvested in the local financial system, says Kaufman.

There are ETF (Exchange Traded Funds) called iShares MSCI Philippines Investable Market Index Fund, which holds about 36 stocks in retail, telecom, industry, utilities, materials and banking. It also includes Security Bank, one of Kaufman's favorite stocks in the country.