Henderson’s Bennett: “No Real Emerging Europe, We Have Got Submerging Europe” (Citywire)

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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