With interest rates set to rise in the U.S., investors should for the time being avoid putting money into India, Indonesia and the Philippines — the Asian economies that are the most vulnerable in such an environment, according to Janus Henderson.

Those countries, with their current account deficits, would be hit hard should investors pull their capital in search of better returns in the U.S., said Sat Duhra, a portfolio manager at Janus Henderson.

All three governments have increased spending in a way that's "a little bit worrying" ahead of elections, he told CNBC's "Capital Connection" on Thursday.

"I think the fiscal discipline is really being lost in these places, especially in India," Duhra said. "So, I think all those countries are really to be avoided for now."

Making things worse for India, Indonesia and the Philippines is the recent rise in oil prices, the portfolio manager added.

The three countries are net importers of oil and may see their current account deficits worsen, said Duhra.

The most attractive markets in the region are the North Asian economies, according to Duhra. The Chinese banks, he said, make good investments because they're paying higher dividends now than they did last year.

The financial sector will benefit generally from higher interest rates, Duhra said. Banks in Malaysia and Singapore, for example, are also paying improved dividends and have seen risks recede.

"North Asia is still the favorite exposure for us, but dividend growth is coming through in many different sectors and countries," he said.