PM Capital’s Bertoli: Now is an Attractive Entry Point for Asian Stocks (AFR)
Kevin Bertoli, portfolio manager of Asian equities at PM Capital, was quoted by the Australian Financial Review as saying his fund has added to Asian stock positions during the turmoil and is almost fully invested:
“We have been a buyer of Asian equities this calendar year. The recent sell-off has been all-encompassing, extending to businesses with solid earnings outlooks and reasonable valuations. Now is an attractive entry point but investors need to be selective in their approach.”
Bertoli then said corporate deals suggest Asian equities have bottomed:
“We are seeing more takeovers in the region, particularly Chinese companies listed on US exchanges, many of which have been management buyouts. That suggests those with intimate knowledge of the underlying businesses see real value at current prices and that they are confident in the region’s economic outlook.”
However, he also warned that investors should not try to pick a turning point in Asian equities:
“When looking for an entry price investors should be focused on, and comfortable with, the underlying earnings power and valuations of the companies they are buying rather than the overall direction of the market. If investors can satisfy these aspects they should be prepared to buy at lower prices if markets keep falling. That is what we have done.”
To read the whole article, A chink of light at the end of the emerging market tunnel, go to the website of AFR Weekend.
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