The current valuations of emerging markets are attractive and emerging markets also have undervalued currencies, Templeton Asset Management Managing Director Mark Mobius said Friday.
China and India are still the best in class, as both countries' economies are "growing at an incredible pace," Mobius told CNBC.
"We haven't seen the unrest (in China) you would expect. It's pretty disciplined," he told "Squawk Box."
Mobius said he sees value in Brazil, saying the emerging market country is "very important for us," and also likes Russia.
"Russia has been beaten down but when it comes back, it will be quite exciting," he said.
He also "loves" Eastern Europe and still sees value there.
But investors should not "give up on the U.S." as there are good opportunities in companies that have exposure to emerging markets, especially U.S. companies with "at least 50 percent earnings in emerging markets," he said.
"My biggest fear going forward is protectionism," he said. "If the U.S. and Europe become protectionist then all bets are off."