Emerging market equities are outperforming stocks in developed economies this year, but the trend could be short lived, Geoff Dennis, head of global emerging market equity strategy at UBS, warned on Wednesday.
Since late January, emerging market stocks have rallied about 15 percent as the dollar has weakened and commodity prices have rebounded, Dennis noted.
But UBS is not expecting the greenback to remain persistently weak, and does not think emerging market currencies have bottomed.
"This is just a temporary trend, so we're not really chasing this rally aggressively in emerging markets," Dennis told CNBC's "Squawk Box." "In fact we've had a number of these rallies and then big selloffs in the last five years, and I think this is just another one of those."
In dollar terms, emerging equities have fallen by 31 percent, with earnings per share down 29 percent, over the course of the last five years through 2015, according to UBS research. In that same period, the trade-weighted dollar index is up 33 percent.