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Investors need to get back into global emerging markets as the current climate has thrown up unprecedented opportunities, Bryan Collings, managing partner of Hexam Capital, has urged.

Speaking last week, Mr Collings, who manages the €82m (£68m) Hexam Global Emerging Markets fund, said investors often miss the bottom of the markets as they are too cautious. But he said now was the time to invest as investors could only make a real difference to the performance of their portfolio during a crisis.

"I haven't been this bullish on emerging markets in two years. The risk for investors is not exposure to emerging markets, but not having enough exposure," he said.

With regards to developed markets, Mr Collings said the optimism for recovery should not be over- calculated. He dismissed recent talk of a flight to quality in the US. According to the manager, the US and the EU are still deleveraging massively.

Mr Collings said China was one of the key countries investors should investigate. He cited the fact the country has just announced a huge stimulus package worth $586bn (£370bn), which the government plans to invest in infrastructure and social welfare over the next two years.

An example of this is its intention to lay down 12,000 miles of railway track over the next four years, he observed.

As a response to falling growth and exports, he said, China will introduce significant cuts in corporation tax, while banks will be allowed to lend more to projects involving rural development and technical innovation.

Another country Mr Collings said he was positive on was Russia, which is currently his largest holding in the portfolio at 16.7 per cent. This was due to the country having a positive economic balance that will prevent serious exogenous shocks and allow stimulus. According to the manager, its financial system remains robust, with a low probability of any significant debt default problems.

As regards his portfolio, Mr Collings said he had remained cautious until the first week in September, which had seen some of his stocks fall slightly. However, they had recently recovered by up to 10 per cent, he indicated.

From October 27 to November 19s, the MSCI Emerging Markets index rose 9.9 per cent following a decline of 50.6 per cent over one year.