Echoing Roubini's advice to be selective, Principal Financial's Jim McCaughan told CNBC this week that he would not invest in a broad emerging market index fund. "You have to be selective," he said, but unlike Roubini, he prefers China, Brazil, and Colombia to Russia or Argentina.
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There are signs that investors are being choosy, even as they pour money into broad ETFs. "We're seeing clear demand for both for broad emerging markets as well as being able to be very specific and tactical with individual countries," BlackRock's Kittersley said.
McCaughan of Principal Financial said that even with the renewed interest in emerging market stocks, U.S. investors could still allocate more money to emerging market stocks.
(Read More: The Safest Emerging Market Banks)
"Compared with the opportunities in emerging markets, most investors based in the U.S. are pitifully low in their allocation," the investment strategist said. "And 20 percent, 30 percent, 40 percent of your equities in emerging markets is not too outlandish, given the importance of those economies and given the likely growth —and particularly the growth of the middle class and how that will power economic prosperity."
This growth should help emerging market stocks outperform their U.S. counterparts, analysts believe. "I do think the emerging markets represent an excellent buying opportunity here," Carmine Grigoli, chief investment strategist at Mizuho Securities, told CNBC. "I think they tend to outperform the U.S. going forward."
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