Small caps, mid caps, love them there are always opportunities to be found like a pig hunting for truffles.  Mobius put a nice little paper sharing his team’s viewpoints on SMIDs in the region, here are some snippets and a link to the rest of the article.

• Small caps generally have low foreign ownership levels and are often under-researched, overlooked and mispriced. The lack of coverage and transparency creates potential risks and opportunities.
• We believe reforms taking place in many emerging markets in the region could prove to be beneficial for smaller companies. Additionally, since domestic demand is typically the main revenue driver for small-cap companies, the combination of good economic growth, a growing middle class and lower oil prices—which can help check inflation and support a lower-interest rate environment—could be an added benefit to smaller companies in the region, freeing up consumer dollars to purchase their products
• In the United States, small-cap stocks generally trade at a premium to large caps in terms of price-earnings, due to the higher growth they can provide. When you look at emerging markets, sometimes the opposite may be true

Source: Franklin Templeton