Making money out of Brazil's rise This is an example of the extra political risk faced by investors in emerging markets. Bearing all this in mind, we have chosen three funds that spread their bets as far as they can. First State Global Emerging Market Leaders This £2.2 billion fund is a generalist in emerging markets, investing primarily in Asia, but also in Europe, the Middle East, Africa and Latin America. Fund managers Jonathan Asante and Glen Finegan have invested more than a third of the fund in consumer goods and services companies. Ultimately, what is the best way to invest in emerging markets, and the fact that five or six billion people in the developing world are getting richer? Often I think that it is the staple businesses that these people are going to require as they get richer," said Mr Asante. The fund takes a cautious approach as Mr Asante is suspicious of the New Year rally in markets. The bounce cannot obscure the issue that very little has changed with regard to the structural problem of too much debt in the developed world. We will continue to try and identify strong, cash-generative franchises that we would be happy to own in any macroeconomic scenario," Mr Asante said. In the past five years, the fund delivered a total return of 92pc. Jonathan Miller, Citywire's head of research, said: "Jonathan Asante and Glen Finegan have guided the fund to be one of the strongest over the long term. Consumer staples companies with strong brands are heavily backed and they are currently in cautious mode with concerns over a slowdown in China. BlackRock Latin American Investment Trust This is a higher-risk fund for someone looking for specific exposure to Latin America. The fund is two thirds invested in Brazil, the continent's biggest economy, but also has several big holdings in Mexico and other countries. Its share price has given investors a roller-coaster ride in recent years but as it currently trades below the value of its investments, there is an opportunity for a long-term investor. Mr Miller of Citywire said: "Investment in the area is dominated by Brazil and fund manager Will Landers is backing its banks and domestic consumption. The trust had a difficult period last year, but we feel it can bounce back strongly from a recovery in the region, and the trust currently trades at a discount. JPM New Europe This fund takes a similar approach to emerging Europe. Fund managers Oleg Biryulyov and Sonal Pandit have two thirds of the fund invested in Russia, the regional power, but also invest in Turkey, Poland, Kazakhstan and the Czech Republic. Consumer stocks are also favoured. Mr Miller of Citywire said: "This goes down as the punchiest pick where high exposure to Russia and countries in Eastern Europe brings political risk. The rewards can be rapid and steep, but so can any falls, so investors need to be comfortable with this profile from what is a strong long-term outperformer. To find the best picks for your Isa visit citywire.co.uk/money/selection Gavin Lumsden is editor in chief of Citywire Money.