by KYW's Salil Gutt

Emerging market stocks are on the minds of most investors.  A five year annual investment performance three times that of the US stock market has everything to do with that.

The outlook for emerging markets continues to be good but with some caveats. Fishing in these waters could be treacherous. Here are some suggestions to prevent you from getting blind sided.

No doubt the stock market performance of the 'BRIC'countries has been stellar. BRIC is the acronym for Brazil, Russia, India and China. However, the easy money has been made in these markets. The stock markets in these countries have discounted the impact of several years of strong economic growth.

It would be wise to skip these regions. Instead focus on the next growth regions. Africa, the Middle East, Eastern Europe and nations like Greece and Turkey may have more upside potential.

Better still. Buy abroad based no load emerging markets stock funds and let the managers of these funds who live with this portfolio every day make the country choices.

Vanguard, Fidelity and T. Rowe Price are fund families that fit the bill.