Asia — especially high-growth regions such as China, India and Southeast Asia — is under-represented in global stock portfolios, according to asset management firm Fidelity International.

The region has been driving a lot of the outperformance in emerging markets, Medha Samant, investment director at Fidelity International, told CNBC on Wednesday.

"Fundamentally, when you look at the economies, whether it's the strength of the domestic consumer, or the health of the companies, Asia was still in good shape," she said.

Samant added: "When you look at the size of the economies versus the weight you have in equity portfolios, there's no correlation there."

"While Asia has strong economies, big ones like India, China, even the ASEAN region, showing high rates of growth, they're very under-allocated when it comes to their presence in global equity portfolios," she said referring to the Association of Southeast Asian Nations.

She said, however, that prices are now "reasonable" rather than "cheap," as quite a lot of the good news on emerging markets have been priced in.