It has been a volatile week for the U.S. markets.

But for investors looking for opportunities outside the U.S., now is a good time to get into emerging markets, according to Rob Lutts, president and chief investment officer of Cabot Wealth Management.

On Friday, Lutts told CNBC's "Power Lunch," that after five years of under-performance, "it's time to turn bullish on emerging markets."

Lutts cited the young populations of many of these countries and valuations which are 25% cheaper than the S&P 500.

His best ideas for emerging markets are CTrip.com, which he calls the "Priceline" of China with no viable competition.

Lutts also likes MercadoLibre, which he refers to as the "E-Bay and Amazon" of Latin America.