While many economists are warning that a looming recession is just around the corner in Canada, one portfolio manager said now’s the time to make sure you are diversifying with assets in emerging markets.

Ramiz Chelat, portfolio manager at Vontobel Asset Management AG, said markets like Asia and South America could be a good opportunity for investors amid economic uncertainty in developed markets.

“I do think that emerging markets are poised for recovery in 2023, which is different to how we see developed markets which are heading into a slowdown/recession,” Chelat said in an interview on Friday with BNN Bloomberg's Amber Kanwar.

Chelat recommended India-based Eicher Motors Ltd., Chinese technology giant Tencent Holdings Ltd. and Brazilian drugstore business RaiaDrogasil as his three hot picks in emerging markets.

Chelat, his family members and his investment banking clients do not own the above stocks, but his firm does. 

Check out the full video at the top of the article to learn more.