We asked the deputy head of emerging-markets equities how investable the Chinese market is and why she likes Taiwan Semiconductor Manufacturing
Laurence Bensafi has spent nearly 20 years managing emerging-markets equities, but it was an accidental career. After earning a statistics and econometrics degree, she eventually got a chance to run an Asian stock fund. It happened during the 2001–2010 bull market for emerging economies, fuelled by China joining the World Trade Organization and unleashing a commodity super cycle. Despite market volatility and political headwinds, she was hooked. Since 2013, her $1.
There was concern that we would see more populist policies and less fiscal discipline. But the July budget shows a commitment to macroeconomic stability, and continued focus on infrastructure, local manufacturing, energy transition, and digitalization. My strategy is to buy cheap stocks, but Indian equities have become expensive. We still like the financial sector. We own Axis Bank because loans and mortgages have growth potential.
Smart Money Rob Magazine Laurence Bensafi RBC Emerging Markets
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