Aberdeen Asset Management Plc’s Martin Gilbert, chief executive officer of Europe’s biggest publicly traded money manager, said emerging-market stocks are cheaper than their U.S. counterparts.

“We are more worried about valuations in the U.S.,” Gilbert, head of London-based Aberdeen told Erik Schatzker and Stephanie Ruhle in an interview today on Bloomberg Television’s “Market Makers.” “Emerging markets look more attractive.”

Gilbert said earnings at companies in the developing nations continue to perform well despite the sell-off in stocks last year. The MSCI Emerging Markets Index gained 4.5 percent in 2014, after falling 2.3 percent last year. The emerging market benchmark trades at a price-to-earnings ratio of 13.3, compared with 17.9 for the Standard & Poor’s 500 Index.

Aberdeen managed about $541 billion in assets as of March 31, according to its website. The $10.7 billion Aberdeen Emerging Markets Fund rose 7.8 percent this year, better than 89 percent of peers, according to data compiled by Bloomberg. Over the past five years, the fund beat 94 percent of rivals.