When it comes to investing I get far more excited about investing in emerging companies than the traditional blue chip options such as Woolworths Limited (ASX: WOW).

Whilst I wouldn’t suggest having a portfolio full of emerging companies, having a couple in there could certainly give your portfolio a lift. Four shares that feature on the S&P/ASX Emerging Companies (Index: ^AXEC) (ASX: XEC) index which I feel would be great investments are listed below.

Appen Ltd (ASX: APX)

In my opinion Appen is one of the most exciting emerging companies in Australia. This global leader in speech and search technology services counts some of the biggest tech companies in the world such as Facebook and Microsoft amongst its growing client list. The company recently reported a 102% increase in half year net profit to a record $5.4 million. With strong growth prospects and a debt-free balance sheet, I firmly believe Appen will prove to be a great buy and hold investment.

Capilano Honey Ltd (ASX: CZZ)

Capilano is yet another Australian company which has got its eyes firmly fixed on the lucrative China market. In its recently released preliminary final results the honey producer delivered a 20.9% jump in net profit after tax to $9.5 million. A key driver in the strong result was a stunning 56.9% increase in sales to greater China. I believe that there’s still a great deal of growth left in the tank of this growing company. This makes now a great time to consider an investment.

MNF Group Ltd (ASX: MNF)

The company behind the My Net Fone brand recently reported an impressive 88% increase in sales and 22% in net profit for FY 2016. Management has ambitions to turn the provider of voice-based internet communications into a leading global provider of wholesale voice minutes. Personally, I believe this founder-led company has the potential to achieve this and as a result I think it could be a great long-term investment.

Praemium Ltd (ASX: PPS)

This growing fintech company is a global leader in the provision of investment administration, separately managed account and financial planning technology platforms. At present the company administers over 300,000 investor accounts covering approximately $80 billion in funds globally. I believe the company’s growth could be explosive, especially if the strong rise of separately managed accounts is sustained.

Finally, if you need to make some room in your portfolio then removing these rotten ASX shares from it would be a great start. Don't let them drag your portfolio lower over the next few months.

3 Rotten Shares to Sell, and 1 to Buy Today

After a double-digit rally for the ASX since 2016 lows, investors should be on high alert. You'll find a full rundown below of 3 shares we think you should avoid today plus one top pick worth buying, even if the market turns south and the RBA keeps rates at an "emergency low." Simply click here to uncover these stocks.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.