Emerging markets are hot right now, with Venezuela, Egypt, Russia and Saudi Arabia among the top-performing markets in the first quarter, according to Ian Hague, co-founder of Firebird Management.
He is bullish about the second quarter, too, and while his company is invested in Russia and China, his favorite stock is the Bank of Georgia.
Bank of Georgia is the largest holding in Firebird's portfolio, and Hague sits on its board.
The bank, the largest in the republic, is "experiencing rates of growth that are not comparable to anything that we're seeing in the region of the former Soviet Union," at 60 percent to 70 percent.
The reason the bank is experiencing that growth is "the government has very wisely taken of all the regulatory and corruption burden off of the economy through a very strict rule of law policy," Hague said.
"This is something that remains a problem for generating greater economic growth in Russia," he said, although another of his picks is retail market leader Magnit.
But what's stoking Hague's bullishness on emerging markets is China, which is "retaking its position as the largest economy in the world" and having "an impact on economic life all over the place."
He's not put off by prospects for slowing growth in China. "There is such an underlying demand for everything in China it's hard to believe the dynamics in place now will moderate dramatically," he said. "The growth of Chinese consumerism is something that is driving manufacturing industries all over the planet."
He did not name specific companies but said China, India and Brazil "create an overall picture that is extremely bullish for investing in emerging markets for the long term."
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Trader disclosure: On Mar 30, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Dennis Gartman is long DSX; Dennis Gartman is long LMG; Dennis Gartman is long FRO; Dennis Gartman is long GOLD; Dennis Gartman is short S&P FUTURES; Dennis Gartman is short YEN; Patty Edwards is long for clients TAL; Patty Edwards is long for clients AAPL; Patty Edwards is long for clients GLD; Patty Edwards is long for clients INTC; Patty Edwards is long for clients JOY; Patty Edwards is long for clients SBUX; Patty Edwards is long for clients COP; Patty Edwards is long for clients VLO; Patty Edwards is long for clients AMZN; Patty Edwards is long for clients PEP; Patty Edwards is long for clients PVH; Patty Edwards is long for clients LECO; Patty Edwards is long LECO; Tim Seymour is long BAC; Tim Seymour is long INTC; Tim Seymour is long CSCO; Tim Seymour is long FCX
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