That much is even more welcome news for China's retail investors who are heavily invested in speculative local A-shares traded on China's exchanges. For U.S. investors, however, Morningstar senior fund analyst Bill Rocco points out that most funds have minuscule direct exposure to those companies.  "The average Chinese stock didn't lose 30 percent, it was mostly the local stocks," he said. "You shouldn't sell funds based on local stocks selling off, the larger point is you should know what you own."  Read MoreAsian stocks sink as China, Greece fears rattle investors  That is especially true for emerging market funds like the one Bao's Fidelity colleague Sammy Simnegar manages, which might not immediately reveal exposure to China. But Simnegar notes that even that A-share exposure is limited to about 7 percent on average.  "A 30 percent drop on 7 percent is a 2 percent impact on average, so to me that's not material," Simnegar said.  But Bao and Simnegar reiterated that their funds focus less on the speculative companies that momentum-driven retail investors chase up or down, and more on those with less volatile future cash flows.  "The interesting thing is the good companies are not playing in bubble territory," Simnegar said. "These companies have gone from relatively cheap to reasonably priced."  Perhaps the panic from American investors is unwarranted as even Bao's heavily exposed China region fund's 13 percent loss over the last month pales in comparison to the declines posted by exchange-traded funds like Deutche's, which tracks China's A-shares.  Urging investors to take a step back and appreciate that fact has been a tiring feat for Bao on his snap trip stateside.  "I've been telling people to calm down," he said. "You can't let short-term volatility cloud a long-term approach."
The Shanghai composite plunged by 30 percent in one month, leaving fund managers exposed to China to calm investor fears.