How To Play Emerging Markets: Strategists

Despite a global recession, emerging markets have recently been up four times the amount of the S&P 500. So can investors still take advantage of the run up in foreign stocks?

Two strategists gave their opionon—Borge Endresen, portfolio manager at Invesco Aim and Michael Hartnett, chairman of the Research investment committee and chief global equity strategist at Merrill Lynch.

"On a relative basis, emerging markets are not a good buy right now," said Hartnett. "Too many people are in love with them and two few people love Europe and China. But is the run up over? No it's not," said Hartnett. "They [emerging markets] still have a long way to go before and they are still far from overvalued levels."

As for where to invest, Hartnett said China and Brazil remain strong ways to play emerging markets.

Borge Endreson said it's a good time if you plan ahead. "We have a longer term view," said Endreson. "We remain quite constructive when it comes to emerging markets."

Enderson likes:

GMA Holdings—A TV network firm in the Phillippines

Naspers —A media company in South Africa

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Enderson's firm owns shares of GMA Holdings and Naspers. No immediate information was available for Harnett was available.