Top holdings come from Columbia, Poland, Kazakhstan and Chile, but again, the fund owns their ADRs rather than local shares.

FORBES: Frontiers Are To Taylor As BRICs Are To Britney

The fund is also examining Chile, Argentina and South Africa, though political and economic risks in each have precluded investment so far, according to Day.

FORBES: A vintage deal

Stabilisation funds, such as Chile's Economic and Social Stabilisation Fund, smooth out the economic cycle by accumulating revenues from commodity exports when prices are high, and disbursing them when prices drop.

ECONOMIST: Commodities

As in Chile, workers would choose investments by picking a fund managed by a major private investment firm from a list officially approved and regulated by the federal government for safety and soundness.

FORBES: A Personal Account Option For Social Security

In April fund manager Laura Geritz spent five days in Chile and Argentina touring a hospital, a port operator, a grocery store and a sporting goods retailer.

FORBES: The Hunt For Small Caps In Emerging Markets

Only Chile, which saved the equivalent of 12% of GDP in a special fund during the boom, can repeat the dose for several years from its own resources.

ECONOMIST: Latin America's economies

Chile went first, in 1981, with mandatory individual retirement accounts administered by competing fund-management companies.

ECONOMIST: Latin lessons on pensions

Last year, President Sebastian Pinera, Chile's first conservative leader for 20 years, announced tax reforms aimed at raising money to help fund the country's education system.

BBC: Clashes as Chile students march for education reform