The simplest way of improving your fund returns in any developed market over the past decade would have been to buy into the smaller-companies sector.

These are defined as countries that have some characteristics of a developed market but are not yet developed markets.

For example, you might want to add money to funds invested in emerging markets which have trailed developed market schemes over the past year.

Unlike developed market investors, their wealth has grown very fast and comparatively recently.

Last week an additional $3 billion flowed out of emerging market equity funds while $4.6 billion poured into developed market equity funds.