Greenberg, who is Hermes Investment Management's emerging markets (EM) head, said the markets would make progress in future months in spite of signs the commodities boom is ending.
"Resource stocks account for only 18% of EMs, and resource-exporting countries only 42%," he said.
"This means that the outlook for EMs is more likely to be decided by other sectors."
Greenberg has managed Hermes' Global Emerging Markets fund since July 2011.
In the past five years the fund has gained 76% according to FE, significantly higher than its FE Equity - Emerging Markets average return of 25%.
The manager has been adding to his holdings in commodity exporters like Chile, Peru, Argentina and South Africa, even though he admits the latter move “might be totally stupid.”
Instead of commodities stocks, he’s choosing to invest in consumer discretionary companies and financials - focusing on “companies that benefit from rising standards of living and a return to normalisation".
“We continue to do that because we see commodities as being supported - not accelerating, but supported," he added.