First State's Asia Pacific and global emerging markets team, led by Angus Tulloch, says the China consumer demand story has been "flogged to death."
Blue-chip stocks listed in the developed world could soon become a strategic part of emerging market portfolios, according to managers.
Baillie Gifford's head of emerging markets Richard Sneller has assumed control of the Pacific fund following a reshuffle at the group.
Emerging market debt has held up relatively well during the recent turbulent financial market environment.
Mark Mobius' Templeton Asset Management is buying shares in Pakistan after the country's devastating floods prompted an equity sell-off.