Andrew Bell, chief executive of the £2.3bn Witan Investment Trust, however, said he has been increasing his investments in emerging markets.
He said: "We have added to our emerging markets exposure gradually in recent weeks. We think they offer attractive value but are not being aggressive in trying to time it, given the random nature of policy making in Washington."
He added: "We have minimal exposure to the main problem countries of Argentina, Turkey, Russia and South Africa."
Ben Yearsley, director at Shore Capital, said he is keen on emerging market equities for long-term clients but said "that doesn't mean they won't fall further but on a ten year view today's valuation is a decent buying opportunity."
Peter Elston, chief investment officer at Seneca, said: "Emerging markets are a buying opportunity. They may go down a little from here, but emerging markets are profoundly different beats to what they were 20 years ago. They are much stronger economies, and the market perception has not caught up with the reality, but in time that will happen."
david.thorpe@ft.com
