The FTSE 100 index of Britain’s largest companies has soared more than 43 per cent over the past three years, hitting 6,462 on Friday, but an elite group of funds has set an even hotter pace.

The “triple-digit club” have more than doubled investors’ money over the same period, notching up gains of 100 per cent or more.

The phenomenon was common during the bull market of the 1990s, when the tech boom helped many funds hit such dizzy heights. But the bear market of 2000-3 has meant that, until recently, very few funds could boast of such strong returns.

It’s still a select circle: only 37 out of 1,391 funds have been successful enough to join. Investment experts are now trying to spot the schemes that may repeat this feat over the next three years.

That means being in the right regions and sectors at the right time. Although skilful stockpicking can give a fund an edge, the performance of the past three years shows it is asset allocation that really counts.

Latin American funds have been the biggest moneyspinners. Markets in the region have delivered stunning returns on the back of strong global economic growth and booming demand for its native commodities, such as copper and iron ore. Political and economic reforms have also helped stabilise the region and boost the confidence of investors.

The FTSE Latin America index has soared 168% in sterling terms over the past three years, and Latin American funds take the top four places in the tables, according to Morn-ingstar, a fund-research company.

The star performer has been Scottish Widows Latin American. It has returned 170 per cent, turning a £7,000 Isa investment three years ago into a stunning £18,900.

The other great success story has been Europe. Almost half of the funds in the triple-digit club invest in Europe, which has pulled itself out of the economic doldrums during the period.

Neptune European Opportunities is fifth in the performance stakes, up 151 per cent, followed by Henderson European Smaller Companies, which has returned 145 per cent.

Gavin Haynes at Whitechurch Securities, a financial adviser, said: “At the start of the millennium the European economies were in a sorry state, but there has been an impressive recovery over the past three years. Funds that invest in European smaller companies have been the biggest beneficiaries.”

The eastern fringes of Europe have also been lucrative for fund managers as Russia’s economic growth, boosted by oil and gas revenues, has translated into rich returns.

Jupiter Emerging European Opportunities, which has half of its portfolio in Russia, has delivered 133 per cent. JP Morgan New Europe is up 118 per cent and Credit Suisse European Frontiers has risen 116 per cent.

The rest of the select 100 per cent-plus club includes specialist schemes — commodity, property, financial and UK funds investing in smaller and medium-sized firms.

But investors tempted to invest in these schemes should be warned that fortunes can change very quickly.

Few funds manage to consistently double your money. JP Morgan Natural Resources has been the most consistent performer in the top flight. It is the only fund that has returned 100 per cent or more in every three-year period since 2001.

And times are getting tougher. Many commentators think the bull run, which began in March 2003, is starting to look stale. Most of the funds that have topped the tables over the past three years made their big gains before last year’s shake-out in May, while the past 12 months have been disappointing. Increased volatility could make it harder for funds to join the triple-digit club over the next three years.

However, some schemes are thought to have a better chance of success than others. Advisers warn, however, that only the highest-risk investments are likely to produce such lofty rewards. But if you are feeling adventurous, here are our experts’ top tips.

Utilico Emerging Markets Utilities

Mick Gilligan of Killik, a stockbroker, chooses this fund, which invests in infrastruc-ture firms in developing markets, including airports in Mexico and power stations in China. The fund listed on the Alternative Investment Market in 2005 and its shares currently cost £1.41Ä.

He suggests investors buy the scheme’s warrants, if possible. These give you the right — but not the obligation — to buy shares in the trust within the next three-and-a-half years for just £1. If the fund’s shares do well, the warrant’s performance will do even better. But if the shares do badly, the warrants will do even worse. The warrants currently cost 60p.

Asian shares

No Asian funds have managed to make it into the triple-digit club. But Mark Harris, who manages funds of funds for New Star Asset Management, believes the region has outstanding potential.

He said: “Korea and Taiwan may be worth a high-risk punt. So might Thailand, which is one of the cheapest markets globally following a period of political turmoil.”

The easiest way for UK investors to tap into the potential growth in these markets is to buy exchange-traded funds (ETFs). These track the market like an index fund, but are shares you can buy and sell. ETFs are available to follow the markets in both Korea and Taiwan, but, as yet, not Thailand. The Korea and Taiwan ETFs cost 0.74 per cent a year.

Eastern European property

Adrian Shandley at Premier Wealth Management, a financial adviser, thinks Eastern European property looks a good bet if you are very brave.

Cameron & Cameron Asset Management, a fund manager, has launched an Eastern European Property fund that will invest in luxury apartments in Krakow, Poland. It has a minimum investment of €10,000 (£6,800). It can be put in a self-invested personal pension (Sipp) or Isa.

Axa Framlington Healthcare

Few sectors have been as unloved as drug firms, which plunged when the dotcom bubble burst. But Haynes believes drug and bio-technology stocks could spring back into favour. He tips Axa Framlington Healthcare.

Allianz RCM Bric Stars

Darius McDermott at Chelsea Financial Services, an adviser, would back this scheme, which invests in the Bric (Brazil, Russia, India and China) economies.

He said: “Russia and Brazil should continue to be boosted by demand for natural resources; India is benefiting from its educated, skilled workforce and China has become the manufacturing base of the world. These drivers of growth won’t go away.”

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