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While the fact stock markets worldwide have been nosediving would seem to contradict the idea that global emerging markets have decoupled from developed economies, a number of global emerging markets fund managers are hanging on to the theory.

Alison Cratchley, lead analyst at S&P Fund Services, said: “Managers agree the decoupling idea has clearly been discredited as it applies to stock markets. Even so, they think it may apply, at least in part, to emerging economies.”

Thomas Gerhardt, manager of the DWS Emerging Markets and Invest Bric Plus funds, said emerging economies were still growing, unlike their developed counterparts.

Hugh Hunter, manager of WestLB Mellon Compass and Global Emerging Markets funds, said emerging economies were in better shape than five years ago, driven by domestic activity, and should be insulated from the problems in developed markets.

Mr Hunter said his team was finding a considerable number of companies with solid business models and strong fundamentals now trading at "very attractive" multiples.

However, he conceded emerging market equities were unlikely to perform well until there were some stability and clarity over the prospects for the global economy and the financial sector.

Louis Lo, manager of the Schroder ISF Greater China fund, took a similar view to Mr Hunter.

Ms Lo said she was positive on the long-term investment case for the Greater China region, noting that its economies were "increasingly being driven by internal growth factors" and therefore relied less on global growth than in the past.

She argued this had led to an emphasis on domestic-focused companies.

In the short term, however, Ms Lo said she expected regional equities to remain under significant pressure.

Meanwhile, Wojciech Stanislawski, manager of the Comgest Growth India fund, said India was the only real domestic growth story in Asia that was not heavily dependent on exports.