Venezuela’s main IBC stock market index, which measures the 15 most liquid stocks on the Caracas market, is up over 235% so far this year, in local currency terms.
Over five years, the market has returned some 19,500%.
The market has been picked out by fund distributor Nordnet’s Norwegian branch among a list of markets that have provided strong double digit, and event triple digit returns.
A key caveat is that annualised inflation in Venezuela is estimated to be running at levels approaching 200%, while it remains challenging for international investors to invest in the country.
Nordnet’s comments, which were reported in Norwegian daily Dagens Næringsliv, also highlight Jamaica (83%), Argentina (57%), Hungary (43%) and Latvia (43%) as markets where local indices have provided stellar returns in 2015.
However, it is not all positive news for frontier or emerging markets. Peru and Ukraine have served up negative returns of over 30%, the data suggests.