That appetite is already showing up in returns. The JPMorgan Next Generation Markets Index, which tracks the performance of debt issued by frontier nations, has risen about 5% this month. That compares with a return of just 0.1% by US Treasuries, as of Friday. Frontier stocks also escaped the worst of the war-driven swings, with the rolling 100-day volatility on MSCI’s gauge at 15%, compared with 23% for a similar gauge for emerging markets.