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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 $2.1 billion exited emerging market funds between January and mid-August, frontier market funds saw inflows of $1.5 billion in the same period.

(Read more: Forget Indonesia, the hot market is...Mozambique?)

The shift in sentiment is also reflected in the performance of equity markets since the start of this year. While the MSCI Emerging Markets Index is down 13.8 percent so far this year, the MSCI Frontier Markets Index is 10.3 percent higher.

Sebastien Lieblich, the research director at index compiler MSCI, told CNBC that frontier markets had escaped the market flight because they were less exposed to global market factors, such as Federal Reserve tapering and Western military action in Syria.

"Frontier markets are very much focused on internal demand and they exhibit relatively low correlation to the more global markets… and that probably explains why we see a great performance year-to-date on the frontier markets," Lieblich said.

Interested, but not sure where to look next? Click ahead to see which frontier markets are the top performers. (Percentage gain figures are for the MSCI index for each individual country year-to-date as of August 28, 2013.)

—By CNBC's Katy Barnato, with Bianca Schlotterbeck

Narvikk | E+ | Getty Images