Britain 

While global markets tumbled, falls in the London market were short-lived. Jason Hollands, of the broker Bestinvest, said Britain remained one of the few truly undervalued markets.

“British companies have done well this year but they still trade at a 25pc discount to their global rivals,” he said. Mr Hollands highlighted the Artemis UK Select fund, which invests in blue-chip British stocks, such as Barclays and Tesco, and has gained 42pc in the past three years. 

He also named the Fidelity Special Situations fund, another UK fund that buys “value” stocks. “The manager, Alex Wright, targets unloved companies such as the oil giant Shell,” he said.

The Temple Bar Investment Trust was another of his picks. It invests in companies, such as Royal Mail and Centrica, and trades at a 3pc discount to the value of its assets. 

America 

While the American stock market has been the most lucrative over the past decade, it has suffered in the past few months as the prospect of rising interest rates affected the value of its fast-growing companies. The Nasdaq, which tracks America’s largest technology companies, has shed 12pc since January.

But David Henry, of the wealth manager Quilter, said its 5pc rise this week suggested that technology stocks could be coming back into favour. 

He added that investors with a healthy risk appetite should consider returning to “quality” companies in the sector such as Microsoft, Apple and Amazon. “These shares are by no means cheap relative to the rest of the market,” he warned. “But they are trading at lower levels than six months ago and they have very reliable earnings.”

Andy Merricks, of the wealth manager 8AM Global, said cybersecurity stocks looked particularly compelling as war in Europe fuelled fears of cyber warfare. He pointed to CrowdStrike, an American cybersecurity specialist, which has rallied by as much as 31pc in the past four weeks.

“Companies in this sector will never be cheap when you compare them against others,” he said. “But you cannot get their long-term growth potential anywhere else. That’s why it’s important to drip feed money gradually into your portfolio, so you don’t miss out low entry points.” 

Emerging markets

Mr Hollands said investors who were looking for value opportunities might consider turning to emerging markets. 

“This is a high-risk area, as proved by the state of Chinese markets at the moment,” he said. The Hang Seng index, which follows the largest companies listed in Hong Kong, has dropped by 3pc in the past month. 

“The stocks have suffered from a recent lockdown in a major manufacturing city as well as a continued regulatory crackdown in the technology sector. Falls in Chinese stocks have impeded the emerging market sector, but they are now trading at very cheap levels. What’s more, while Western 

central banks are tightening their monetary policy, China is lowering interest rates, which should be supportive for growth,” Mr Hollands added.