To paraphrase and customize an old Yogi Berra saying about trendy restaurants, "Emerging markets are getting so popular, nobody can find a less developed country to invest in anymore."

With emerging-markets funds on a five year tear -- up 17% in the third quarter alone -- portfolio managers are finding it harder and harder to locate the next great less-developed country (however paradoxical that sounds).

Despite more U.S. dollars than ever flowing into Chinese and Brazilian stocks like China Mobile ( CHL) and Petrobras ( PBR), most of the big gains are likely behind them.

So what's an emerging-markets fund manager to do when the hot spots get too hot?

Francisco Alzuru, portfolio manager for the $330 million ( HEMZX) Harris Insight Emerging Markets fund, says the best method is simply to keep looking until the right opportunity arises. Lately, he's been finding his best prospects well off the beaten path in South Africa, where he says middle class expansion is driving consumption and stabilizing the economy. Alzuru is also bullish on South Korea, where he has nearly 17% of his funds' assets in names like Samsung Electric.

Alzuru spoke with TheStreet.com about investing in both these countries as well as the rest of the emerging world.

To view Gregg Greenberg's StreetWatch interview with Alzuru, click here.

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