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Justin Urquhart Stewart, co-founder and marketing director at 7IM, observed inflation in countries such as Vietnam, Indonesia and Malaysia was negatively affecting their economies.

"We sold out of them, but we are looking with some enthusiasm to see when we can get back in. The answer is not yet. The currencies make good investments, but not the equities," he said.

"The US has yet to reset its forward expectations for company results, and we could easily see a 10 per cent correction," he added. "There's less trade between them, but there's still globalisation."

Mr Urquhart Stewart added the area could become "a very good opportunity" in the next six to nine months, which the firm may access through passive instruments such as ETFs.

For now, he said the portfolios were retaining emerging market exposure through Goldman Sachs Bric currency warrants, which make up 1.3 per cent of £378.3m CF 7IM Balanced and 2 per cent of £35.3m CF 7IM Adventurous.

The company expects various economic factors to strengthen these holdings against the pound, including positive current account balances and possible interest rate rises in Brazil, China and Russia and substantial foreign direct investment in India.