(MONEY Magazine) – The world's developing markets are suddenly as hot as the midday Brazilian sun. Mexican equities are up 15.6% so far this year (to Feb. 20), double the return for U.S. shares. Other Dow beaters include Brazil (22%), Colombia (18.3%), Hungary (25.4%), Pakistan (38.7%) and Turkey (57.1%). But you don't need to invest in a risky emerging markets fund to grab a share of those rich rays: These days, the typical foreign equity fund invests nearly 18% of its assets in the stocks of developing countries--while some hold three times that amount. Says David Herro, manager of $1.3 billion Oakmark International, which has a 33% emerging markets stake: "We're not buying these stocks because they have a sexy story, but because we're finding a lot of proven companies at bargain prices." In the table below we detail the developing markets' holdings of the three largest diversified foreign funds, along with two top-performing no-load portfolios with above-average emerging markets stakes. Says Bill Rocco, an analyst at Chicago fund research firm Morningstar: "Buying a diversified foreign fund that has a 10% to 20% stake in emerging markets' stocks gives your portfolio added zip without exposing it to too much risk." --M.B.