Materials stocks are trading at bargain prices after being pulled down by commodity producers hit by slow global growth, says Stephen Kwa, senior client portfolio manager at Schoders. Kwa also says emerging markets are trading at a wide discount to developed markets with the cheapest spots being emerging Europe, Africa and the Middle East. Finally, Kwa says the United States holds the most expensive markets with valuations being extended. Kwa says he still sees buying opportunities among the 15,000 stocks worldwide he is able to purchase in the Schroder International Multi-Cap Fund.