Although it is known for the tango, Argentina is familiar with another dance: the limbo.

Money managers have watched as the country has descended lower and lower in terms of its stature as an investment location.

But that may be changing. After a decade of failed economic policies, recessions, high inflation and defaults, Argentina's new president, Mauricio Macri, is remaking the country with bold strokes so that it is more investor-friendly.

Argentina is technically a frontier market, as opposed to an emerging market, and it should be at the top of the list of places to invest abroad, especially because its market is up almost 12% year to date.

The country's market classification is being looked at by Morgan Stanley Capital International, which manages the emerging and frontier benchmarks.

The firm could well decide to upgrade Argentina to an emerging market in 2017. Such a move would unlock $3 billion more in capital flows, a significant amount to a market that trades about $70 million a day and would likely bump up valuations.

The country has been trading at 10 times the 12-month forward price-to-earnings ratio, which is considerably lower than its highs of 23 times P-E over the past 25 years. There is room for a market re-rating.

There are six stocks that trade as American depositary receipts in the United States that could benefit from a potential upgrade. They each meet MSCI requirements in terms of market capitalization and liquidity.

Let's examine the country's fall and continuing revival and then look at those ADRs, plus several other potential investments.

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