But perhaps the time has come to re-evaluate. Nile Capital Management LLC's Pan Africa Fund (NAFAX), which invests mostly in small- and mid-cap companies listed on 17 of Africa's 29 stock exchanges, is ranked No. 1 in the diversified emerging-markets-fund category out of 542 peers for one-year total returns of 39.8% in 2012, according to Morningstar.