But not all investors are as optimistic on the asset class. A survey of fund managers by Societe Generale last week showed investors in emerging markets were starting to turn more bearish.
The bank's monthly survey of real-money and hedge fund investors in emerging markets showed 49 percent are now bearish for the near-term, up from 29 percent at the end of April, the first time the population of bearish investors outnumbered bullish ones since September.
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Mobius, however, was optimistic about both China and Brazil, arguing that China's reform program meant "tremendous changes" were on the way, and a 7 percent growth target was achievable.
Demonstrations against the government in Brazil, meanwhile, could result in a shift towards more market- and company-friendly policy, according to Mobius.
His comments come after a significant sell-off in emerging markets last year, as the U.S. Federal Reserve first broached the possibility of tapering its quantitative easing program. The asset class was also hit earlier this year, as sharp falls in the value of the Argentine peso, Turkish lira, South African rand and Brazilian real triggered panic selling across emerging markets.
But Mobius said that in order to invest successfully in less-developed markets, investors needed to look further afield.
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"You have to be very specific – and very company-specific, not just country-specific," he said.
"And you have to start broadening your scope into frontier areas. Frontier markets have outperformed even emerging markets, generally. So the scope of our work has widened considerably over the past few years."