That has helped Notre Dame's endowment outperform in the latest fiscal year, while many others struggled.
"If you had a lot of emerging market exposure, emerging markets got whacked last year, " he noted.
Notre Dame has emerging markets exposure. However, unlike some endowments that use passive managers and exchange-traded funds, the endowment uses active managers for its emerging market investments.
"Our composite for all our emerging markets managers for the fiscal year was down one percent, while the index was down 17 percent, " Malpass noted.
The endowment is taking advantage of the declines to increase its exposure to emerging markets and has added fresh capital to new geographies, such as sub-Saharan Africa. He noted that the markets in these regions are cheap, and have great companies with young populations and a rising middle class. (Read More: Mark Mobius Sticks With South Africa Despite Turmoil .)
"Even though the standard of living is still very poor, there are a lot more consumers and a lot larger companies available to investors than people realize, " he said.