Angus Tulloch: les actions des pays développés pourraient surperformer celles des pays émergents en 2011

Le fonds First State Asia Pacific Leaders fait parti du portefeuille.

After dominating investment flows and returns in 2010 the tide may now be turning on emerging market equities says Angus Tulloch, manager of First State’s Asia Pacific Leaders fund.

‘There is a case for arguing that developed market equities will outperform, especially given the extent to which the converse has been true for a very extended period,’ the renowned Asia specialist told Citywire.
He continued: ‘We are currently finding the most attractive investment opportunities often to be listed in developed markets, but with much of their economic exposure being in the developing world.’
By adopting an absolute return mindset the team avoid the risk of being carried away by what they describe as ‘indiscriminate market euphoria’ and therefore focus on owning sensibly priced quality businesses with a sustainable long-term growth outlook at all times.

This approach has thrown up a diverse range of opportunities the most exciting of which Tulloch believes can be found in Africa.
‘Insofar as one can generalise, we consider Africa the most interesting emerging area for investment at present. North Asia also presents some attractive opportunities. South Korea (but currently high risk) and Taiwan may well outperform, especially if the technology outlook continues to improve,' said Tulloch.
He added: ‘South Korean companies have identified certain branded niches (cosmetics as well as consumer electronics) and valuations are still reasonable. Taiwan should continue to benefit from a rapid improvement in its relationship with China, while it boasts some of the best managements in the region.’

In regards to specific stocks in these regions, Tulloch highlighted what he describes as an ‘ethical’ South Korean pharmaceutical company.
‘We like Yuhan, a South Korean pharmaceutical company with a Kimberly Clark joint venture in manufacturing personal care products, diaper and paper tissues. The Korean drug industry has been beset with problems of dubious sales commission arrangements for the last couple of years, but these now seem to have been sorted out. As the most ethical participant in the sector, we expect the new environment to favour Yuhan which has a strong pipeline of new products to be launched shortly. The outlook for Kimberley Clark in Korea and China also looks very promising,’ he concluded.

(Amy Williams - Citywire - 16/12/10)