Eastern European frontier markets like Romania offer the best value around, according to industry stalwart Mark Mobius, the executive chairman of Templeton Emerging Markets Group.
"Frontier markets, which include some Eastern European countries like Romania – like we had Slovenia and Slovakia. All these countries are very interesting from a frontier market standpoint. And of course Africa as well, where a lot of the action is going to be, because of the growth," Mobius told CNBC in Warsaw.
Mobius said that growth had slowed in Eastern Europe's more developed markets, such as Poland, but attributed that to contagion from the euro zone.
(Read More: Germany 'Crucial' for Eastern Europe's Recovery)
"Going forward, I think they are going to be recovering very nicely. A lot of this negative feeling about the economy and about the markets has been as a result of what is happening in Western Europe. As we are going forward, I think sentiment will change, and don't forget, these countries are still going through quite a big reform process, which has not been completed."
He highlighted Russia as offering a "great opportunity".
"Russia is really a conundrum now, because it is so cheap in valuation terms, and it is extremely tempting. At the same time, we want to see some improvements in corporate governance. Now, if that happens, and I think it will, there is going to be a great opportunity in Russia," Mobius said.
(Read More: Russia's Economy Could Be Next Big Underperformer)
In an interview with CNBC in April, Mobius also discussed his optimistic stance on frontier markets, but said that he remained bullish on China.
"The new administration in China is just getting its game going, I think that growth engine will continue," he said.
(Read More: Mark Mobius: I Am Still Bullish on China)