For broad European market exposure, investors can take a look at the Vanguard FTSE Europe ETF (NYSEArca: VGK), SPDR EURO STOXX 50 Fund (NYSEArca: FEZ) and iShares MSCI EMU ETF (NYSEArca: EZU). VGK trades at 15 times the expected earnings of its components, while FEZ and EZU have an average P/E of just under 15. [Europe ETFs Pause, but Upside Remains]

Japanese stocks also trade at valuations below those of their U.S. counterparts. The iShares MSCI Japan ETF (NYSEArca: EWJ) , WisdomTree Japan Hedged Equity Fund (NYSEArca: DXJ) and db X-trackers MSCI Japan Hedged Equity Fund (NYSEArca: DBJP) trade with average P/E ratio of around 13. [Japan ETFs Attract Value Investors]

Lastly, Koesterich points out that value investors are finally turning to the downtrodden emerging markets, and he expects the area to offer “compelling long-term value.”

Broad emerging market ETFs like the Vanguard FTSE Emerging Markets ETF (NYSEArca: VWO) and iShares MSCI Emerging Markets ETF (NYSEArca: EEM). Holdings in those ETFs are still viewed as inexpensive even though the two ETFs are both up at least 6% in the past month.

For more information on the markets, visit our current affairs category.

Max Chen contributed to this article.