Power Play: Bet on emerging markets when others stay away

A shopping district in the Centro neighborhood in Rio de Janeiro, Brazil.
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Many investors are staying away from emerging markets because of the volatility, but that may be exactly why you should consider them.

Jeff Hussey, global chief investment officer at Russell Investments tells CNBC's "Power Lunch" on Thursday he's taking a contrarian view.

"For those willing to tighten their seat belts and get in for the long haul, emerging markets have potentially good upside. True, a rate hike in the U.S. could cause some problems in emerging economies, but we think the risks are modest and already are being priced into the market," Hussey said.

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Pessimism is very high, even in a sophisticated area like Brazil, which is why Hussey believes it's a good strategy "to consider prudent exposure to these riskier markets."

The Bovespa was flat during trading, but is up 12 percent year-to-date.