Citywire has reported that Henderson Global Investor’s director of European equities John Bennett has made the following rather bearish comments about so-called emerging Europe in his latest update to his investors:
“At the moment there is no real emerging Europe, we have got submerging Europe, which is a real concern actually of mine. So, emerging Europe tends to refer things to the East of Germany and I would say “no thank you” to Russia. Although I am a “never say never” investor, I probably have said never throughout my career to Russia, and I don’t see myself changing that. In fact, whether I go to Budapest or Poland, throughout my career I have very rarely dabbled there and I don’t particularly feel we have got an edge.”
Although Bennett said he would remain open minded to emerging European stock markets, he’s also concerned about their liquidity:
“There tends to be a little bit of liquidity on the way in but very little on the way out. I am very open minded on Poland, for example, but I have got enough opportunity in Western Europe and don’t feel I have to go there.”
Its worth noting that Bennett is the manager of six Europe-focused equity funds and will continue to focus on Western European opportunities – notably in Switzerland, UK and Germany.
To read the whole article, Henderson veteran Bennett: why I’m avoiding emerging Europe, go to the website of Citywire.
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