Speaking at a media briefing in Hong Kong, Mark Mobius, manager of the Franklin Templeton fund, said he believed that developing markets, particularly in Asia, were not expensive, making it unlikely that there would be a major sell-off in the region in the next few years.
"The best value is in Korea, followed by China/Hong Kong, followed by Taiwan", said Mr Mobius, according to Reuters.
"The reason for that is there is a so-called Korea discount - a lot of people feel that the corporate governance in Korea is not as good as it should be, but the reality is that these companies make a lot of good money."
The comments come amid investor concerns that increased investment in emerging markets have caused an overpricing, with some arguing that the momentum of the Asian markets is set to run out of steam.
Asia has received approximately $17 billion in foreign investment so far this year, more than ten times the amount of the same period in 2005.
Mr Mobius also commented that India had strong momentum, but was expensive compared with Asia, while South America was lagging behind the Asian economies in terms of growth rates.