"Growth, or the lack of it, is of greater concern to investors this time round, particularly given the sharp economic slowdowns in many emerging markets, notably in Russia and Brazil," added Spiro.
Convergent Wealth Advisors' Zier told CNBC investors have been inaccurately blaming the U.S. Federal Reserve's tapering program for the emerging market selloff.
(Read More: Will China be the 'savior' of emerging markets?)
"You hear talk that the taper has been a drain on emerging markets, [but] when you look at the data, 92 percent of the money that's come from the taper has ended up on banks' balance sheets. So what's happening with the taper is, it's not sucking the money out of emerging markets, it never went there in the first place," he added.
Zier said investors' perception of weaker growth in the region was overblown and economies in the region would likely recover along with the U.S. and the rest of the global economy.
"I think we're going to see growth across the board, of between 3 to 4 percent in gross domestic product globally. The economy, particularly in the U.S., is stronger than people think. We'll see 8 to 10 percent earnings growth in the US... which certainly would be supportive of emerging markets," he added.
(Read More: Has the Fed left emerging markets out in the cold?)
Zier recommended snapping up opportunities in the region now as EM valuations were offering a 50 percent discount on U.S. stocks.
"In the U.S. you can buy a dollar's worth of earnings for $17 and in emerging markets you can buy that same dollar of earnings for about $9.50, so it's really, really cheap over there," said Zier.
"It's just a matter of time before the market wakes up... this always happens - markets stay undervalued or overvalued longer than you expect," he added, highlighting Brazil, India, China and Eastern Europe. He recommended avoiding Argentina, Thailand and Turkey.
— By CNBC's Katie Holliday: Follow her on Twitter @hollidaykatie