Checking Out Steamy Funds South of the Border

There's only one way to describe the performance of Latin American mutual funds in 2003: GOOOOOOOOOOOOOOAL!

Latin American fund managers scored returns well over 50% in 2003. The MSCI Latin American Index -- nearly half of which is Brazilian stocks -- was up 67%.

With such a tremendous run-up in Latin American equities, is it too late for new investors to get into the game? ...