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Chris Palmer, head of emerging markets at Gartmore and manager of its $1.4bn (£702.8m) Sicav Latin American fund, said consumer sectors stood to benefit if commodity price inflation fell.

"The big story in Latin America was always the consumer, but only recently has it shifted to the natural resources story," he said. "Shifting back to the consumer story is going to give relatively good value and earnings growth."

He observed Brazilian natural resource giants Petrobras and Vale would continue to be important drivers for the region's economy. But he added he was looking increasingly at the companies that provide them with equipment, services and materials.

"There are many Chilean stocks that offer relatively good value as well," he said.

The Gartmore fund, due to acquire a sterling share class this autumn, has outperformed its four onshore competitors over three years to 31 May when returns are rebased to a single currency.

In sterling, the fund was up 241.1 per cent. Of the onshore vehicles, the £50.9m Scottish Widows Latin American fund came closest, with gains of 219.9 per cent, according to Financial Express.

The other onshore products are the £1bn Threadneedle Latin America, the £270.8m Invesco Perpetual Latin American and the £45.6m F&C Latin American Equity funds.