Over the past several years, emerging markets in Asia and Latin America have captured one headline after another -- piling up huge gains for investors along the way.

Meanwhile, some developed markets in Europe have quietly put together an impressive winning streak of their own, but without all of the hoopla -- or the extreme volatility. For example, German stocks, as measured by the benchmark DAX 30 Index, produced impressive gains of around +65% between 2004 and 2006.

While many American investors may simply think of Germany as the land of Oktoberfest, the nation actually represents the largest economy in all of Europe -- and is home to global leaders like Siemens, Bayer, BASF and Volkswagen. Germany is also the world's biggest exporter, shipping over $1.1 trillion worth of goods last year.

After struggling through an economic slump during the 1990's, former German Chancellor Gerhard Schroder ushered in a wave of economic reforms several years ago that eased individual tax rates and slashed corporate rates from 40% to 25%. And more recently, German leaders have shown a willingness to tackle other economic obstacles, such as modernizing the country's labor laws.

Since then, the German economic growth engine has gotten back on track, with GDP growth forecast to eclipse that of the U.S over the next few years.

Those looking for some exposure to the region may want to consider the New Germany Fund (NYSE: GF, $17.52). Managed by Deutsche Bank's DWS Scudder, GF targets some of Germany's most attractive small and mid-sized companies. Top holdings include healthcare equipment supplier Fresenius and former state-owned steelmaker Salzgitter.

The fund struggled during the great bear market of 2000-2002, but came roaring back in 2003, posting an impressive total return of +102% -- #1 among all European stock funds. And over the past five years, GF has delivered eye-catching annual gains in excess of +40%, nearly doubling the +22% return of the MSCI EAFE Index.

Yet, despite its track record, the fund is still trading at a sizeable discount to its net asset value (NAV) of over 10% -- the shares are trading at just $18.09, but the fund's underlying portfolio assets are worth $20.14. With that discount shrinking steadily over the past four years, and with the dollar weakening ever further against foreign currencies, GF should continue to reward shareholders in the years ahead.

Good investing!

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