With U.S. stocks again approaching record highs and European stocks sagging until recently amid recession there, now's a good time to pick up European equities on the cheap, fund managers say.

"In the midst of crisis and uncertainty, real opportunities arise because prices come down, and there are fewer buyers," David Marcus, a fund manager at Evermore Global Advisors, told The Wall Street Journal.

So far this year, the MSCI Europe index has risen 7.6 percent, lagging far behind the 15.9 percent increase for the Standard & Poor's 500 Index.

Editor's Note: 'It’s Curtains for the US' — Hear Unapologetic Warning from Prophetic Economist.

Norman Boersma, lead manager of Templeton Growth fund, which has about 50 percent of its investments in Europe, looks at price-earnings ratios through an economic cycle.

On that basis, he told The Journal in May, "the 10 cheapest developed markets in the world ... are all in Europe, and every single European market sector is cheaper than its U.S. counterpart."

Marcus said the fear of so many investors to jump into Europe makes now a great time to buy.
"Eventually things recover, and those who bought in the crisis are happy, but wish they bought more," he said.

The Stoxx Europe 600 Index hit a four-week high Tuesday.

"It's still very much about monetary policy shaping markets," Witold Bahrke, senior strategist at PFA Pension A/S in Copenhagen, told Bloomberg.

"There seems to be an element of realizing that Fed tapering is not a disaster for equities as opposed to bonds, at least in the long run, because it's ultimately a sign of a more resilient economy."

Editor's Note: 'It’s Curtains for the US' — Hear Unapologetic Warning from Prophetic Economist.