As emerging markets continue to fall from grace, their less high-profile frontier peers are stealing some of the spotlight.
A recent report from Bank of America Merrill Lynch showed that while some $2.1 billion exited emerging market funds from January to mid-August, frontier market funds saw inflows of $1.5 billion in the same period.
The shift in sentiment is also reflected in equity markets in the past week. While Fed's "taper tantrum" triggered a 3.6 percent loss in the MSCI Emerging Markets index, the MSCI Frontier Markets index gained 0.25 percent in that time.
"Right now frontier is very exciting," Mark Mobius, executive chairman of Templeton Emerging Markets Group told CNBC this week. "These frontier markets, particularly in Africa, are growing at a tremendous pace... this is the place to be at this stage of the game."
(Read more: Africa has greater potential than India: Stanchart)
The 'frontiers' consist of 30 typically undeveloped countries with the potential for rapid rates of economic growth, such as Bangladesh, Iraq and Mozambique.
According to Thomas Hugger, CEO and fund manager of Hong Kong based investment firm Asian Frontier Investments, the reason why frontiers haven't suffered as much is because they are relatively less dominated by foreign capital, compared to somewhere like India.