Emerging markets have top fund managers split on whether or not they’re a good investment. Managers speaking at the 2008 Morningstar Investment Conference showed varying degrees of support, according to Hilary Fazzone of Morningstar. Without the proven success rate of well-established companies, some emerging markets, especially in Asia, have good opportunities, but may come with more risk.

Stocks in Chinese markets have fallen more then 20 percent this year, but Anthony Cragg, managing director and senior portfolio manager of emerging markets and Asia/Pacific equities for Wells Fargo, says the decline will “force the country’s currency to appreciate and the cost of labor to rise.” Justin Leverenz, manager of Oppenheimer Developing Markets, says Asian markets have limited access to management, though Sharat Shroff, lead manager of Matthews Pacific Tiger, says accounting standards have improved. Jason Yee, manager of Janus Worldwide, is investing in developed countries with indirect exposure to emerging markets to avoid valuations that he feels are too high.