Negative headlines about the Brazilian economy have created a promising entry point for investors to get into Itau Unibanco, says John Scott, portfolio manager for the Sextant Global High Income Fund. Scott is also bullish on European consumer staples giant Unilever due to its healthy and safe dividend, as well as its large portion of revenue derived from emerging markets. Finally, Scott says he likes Pepsi as a contrarian story, adding that the beverage and snack giant will soon outperform Coca Cola due to its cost cutting and synergies with its Frito-Lay snack business.

More from Emerging Markets

U.S. Considers New Tariffs on Imported Vehicles

U.S. Considers New Tariffs on Imported Vehicles

Video: Here's How Global Stocks Can Boost Your Portfolio

Video: Here's How Global Stocks Can Boost Your Portfolio

Wall Street Looks To Extends Gains After Goldman Earnings Beat, China Data

Wall Street Looks To Extends Gains After Goldman Earnings Beat, China Data

China's President Xi Jinping Tells Boao Forum He Supports Opening Markets

China's President Xi Jinping Tells Boao Forum He Supports Opening Markets

U.S. Stock Futures Steady; Asia Stocks Mostly Lower

U.S. Stock Futures Steady; Asia Stocks Mostly Lower