Only those with very long investment horizons should allocate to frontier markets - that has always been the mantra when it comes to investing in this asset class.

Clients who wish to get some exposure to countries that come under the frontier market grouping may wonder how the economies compare to the much more familiar emerging markets.

While there are reasons to tread carefully when it comes to dipping a toe into frontier markets, there are also plenty of opportunities - whether that's in investment trust structures, active approaches or passive products. And also across asset classes, with many investors now able to invest in frontier market fixed income.

In this guide is a definition of what constitutes a frontier market country and how, as a grouping, these economies compare to the emerging markets. It will also look at how investors can get exposure to this asset class, asking whether active or passive investing strategies pay off.

Where are the opportunities in fixed income in frontier markets?

Finally, what are the standout frontier market economies? The guide considers where the investment opportunities are.

This guide is worth an indicative 60 minutes of CPD.

The following are contributors to this guide: Luca Paolini, chief strategist for Pictet Asset Management; Gill Hutchison, research director for The Adviser Centre; Rory McPherson, head of investment strategy at discretionary fund manager Psigma; Scott Gallacher, chartered financial planner at Rowley Turton; Jonathan Moyes, research director at Whitechurch; Ryan Hughes, head of active portfolios for AJ Bell; Ben Roberts, an investment director at Brooks Macdonald; Aaron Grehan, an emerging market debt fund manager for Aviva Investors; Matthew Bird, financial planner for Seer Green; Pieter Jansen, senior multi-asset strategist for NN Investment Partners; Stephen Penfold, senior investment manager at 7IM; Dominic Bokor-Ingram, a manager for Fiera Capital; Chetan Sehgal, manager of the Templeton Emerging Markets Investment Trust; Oliver Bell, portfolio manager for T Rowe Price; MSCI; FE Analytics; Pictet Asset Management; S&P Global; T Rowe Price.

Dave Baxter is deputy editor of Money Management