Emerging-market equities may have taken a beating in the past two months, but debt markets have been spared much of the global tumult from the EU crisis to the China economic slowdown.
"There's plenty of opportunity to diversify", said John Carlson, who manages Fidelity's New Markets Income Fund , with some $5.4 billion in assets under management.
"China has less impact on emerging-market debt markets," Carlson said on CNBC's Squawk Box at the Morningstar Investment Conference in Chicago, noting that the nation's shift from an export-driven economy to consumer-oriented one is progressing slowly.
Emerging market sovereign debt looks relatively stable and strong compared to some in Europe, where concerns about a Greek default and exit from the EU has hurt government debt in a number of countries.
Carlson, who also managers two other Fidelity funds, said he's not ready to jump back into Greece.
His top pick now is Venezuela, whose sovereign debt yields 12 percent to 14 percent.
"It's cheap and misunderstood," said Carlson, noting that the country has the ability to service its debt.