As emerging markets lose favor, now is a "great entry point," James Paulsen, chief investment strategist at Wells Capital Management, told CNBC.com on Thursday.
"What you've done is create one of the bigger pullbacks relative to the overall world market in the last decade," he said. "If you haven't been in emerging markets, it's a great time on a valuation basis."
Unlike last year's soft patch in the developed world, fears over Europe in recent months have also cooled emerging markets this time around, Paulsen said.
"They have had a slowdown right along with the developed world," he said. "The degree of the slowdown has been deeper. It's a great entry point."
Central bankers in the emerging world have largely tightened over the last year, which is "never good for stocks," Paulsen said. But as central banks in Central America and South America start easing monetary policy, the regions have become increasingly attractive places for investors.
"You're going to have (emerging market) policy officials at your back supporting you," he said. "Before too long you'll start to see that in the Asian economies."
Paulsen favors Central America over Asia, however.
"Most of that has to do with the fact that they're a little farther along in the slowdown cycle and already at the point where they're trying to revive that," he said.
"I don't think the emerging world is lost — it's the leading position in the world."
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Disclosure information was not available for James Paulsen or his company.