[risparmier]

Fondi Comuni | Fondi Pensione | ETF | Gestione Portafoglio | Investimento Fondi

http://www.aia.com.hk/eng/daily/fact...G07.PDF&lang=e

Repubblica.it | Finanza

Repubblica.it | Finanza

http://www.morningstar.it/it/snapsho...RWY&lang=it-IT

UBAM Equity BRIC + I Cap Fund Factsheet | Fund Selector | Citywire

http://www.bluerating.com/component/...ear_sess&tab=1

http://bluerating.cost-dev.com/compo...ear_sess&tab=1

Fondi, ETF, Rendimenti, Performance, NAV |Fondi Italiani|Schroder ISF BRIC A Acc|ISIN:LU0228659784

[risparmier]

07:01:00 | 06 April 2010

Jupiter India manager Avinash Vazirani believes the Indian growth story can continue for at least the next 20 to 25 years.
Speaking at Citywire’s Wealth Management forum, Vazirani said: ‘The Indian story is about growth. There has been fantastic GDP growth over the past few years. In March 2009 it dipped down to just over 6%. This year we are expecting 7% and 8.5% over the next few years. Much more importantly, in my view this growth is set to continue for at least the next 20 to 25 years.’
Underleveraged consumers and companies support Vazirani’s growth expectations and he is keen to highlight Goldman Sachs’ latest Bric (Brazil, Russia, India and China) report. The bank’s initial growth forecasts have been surpassed and as a result they argue that India’s GDP could be greater than that of the US by 2042.
...

‘Rural India – that is where the growth is coming from. Rural India already has as many high earners as urban India. The growth over the past five to six years – which has been powered by demographics, essentially the result of a baby boom in the 1980s – has come so far from urban India, but rural India is still growing,’ Vazirani said.
...
Vazirani is particularly encouraged by a significant amount of rural India’s population moving into the middle income bracket. While urban India has a mobile phone penetration of almost 100%, he compares this with just 10% in rural India, concluding that there is ‘a long way to go’ in terms of consumption growth in this area.

...
His outlook for equity markets also remains positive on the back of a deep local market, supported by domestic investors.
...

He added: ‘India, like other markets around the world, is not as cheap as it was 12 months ago. It is in the fair-value range. Everyone I speak to, including global emerging markets fund managers, believes India is expensive.
‘India is expensive and it always has been. Why? If you look at the return on equity (ROE) gap, if there is a continual difference between the ROE of Indian companies and others – of course it will be expensive. Why is the ROE in India higher? My view is because of the entrepreneurs running the companies.’
...

Jupiter?s Vazirani predicts 25 years of growth in India | Fund Selector | Citywire


http://it.babelfish.yahoo.com/

[risparmier]

Templeton Asset Management Ltd.’s Mark Mobius said he’s been buying stocks in Brazil, Russia, India and China in the past month and called the slump in emerging-economy shares a “correction” in a bull market.
“Despite the fact that a lot of people think that we are entering into a bear market, we don’t believe so,” Mobius, who oversees about $34 billion in emerging markets as Templeton Asset Management’s Singapore-based executive chairman, said in an interview yesterday in Cairo. “This is a correction in an ongoing bull market.”
...

“When the time comes, emerging markets will recover faster and in a big way,” Mobius said. “We’ve been buying because we have had net flows into our funds. And most of the buying has been in the BRIC countries.”
‘Relatively Inexpensive’
Templeton has also been buying equities in other developing economies, including Dubai and Egypt. Mobius favors construction, telecommunications and consumer goods stocks in Egypt, he said. The firm hasn’t reduced holdings in South Korea because the companies it owns were “relatively inexpensive” when it purchased them and may benefit from international sales should South Korea’s economic rebound stall, Mobius said.
...

Valuations on Kospi have dropped to 9.7 times estimated earnings, the lowest in Asia after Pakistan, according to data compiled by Bloomberg. Korean equities traded at a multiple of 16.1 a year ago. The gauge advanced 1.6 percent.
South Korea’s economy expanded 1.8 percent in the first quarter on stronger overseas sales and domestic spending and the Bank of Korea forecasts 2010 growth of 5.2 percent.
May 27, 2010 10:12 EDT

Mobius Buys BRIC Stocks, Sees Bull Market Continuing (Update3) - Bloomberg.com

[risparmier]

October 21, 2010 at 13:39

Over the next five years global economic growth will be powered by emerging markets. Regions like Brazil and China will account for more than half of all growth, while the developed world languishes behind.
Although not a new story, Brics, the darlings of the emerging world, are about to enter an important new phase, James Dowey, Neptune Investment Management’s chief economist, believes.
‘We are projecting 60% of global economic growth will come from the emerging markets, between last year and 2014,’ Dowey explained. ‘The emerging market story is not a new one but it is at an important point. Around 20% [of growth] came from here in the 1980s, and less – 10% – in the 1990s when India hadn’t worked out how to grow and China was not as it is at this point in time. In 2008 we saw a real turnaround in these figures, rising to 40%. It’s fair to say that post the financial crisis there was a dramatic step up.’
Dowey believes there are two fundamental drivers of this change: slower growth in the emerging markets even before the financial crisis and the Brics’ increased autonomy, developed over the last 18 months.
Increasingly, Neptune points out, the Brics are trading between themselves and becoming less reliant on export links with the Western world. Moreover, countries like Brazil were shielded from the credit crisis due to strict rules governing their banks' reserves as well as historic deleveraged position. They are now able to capitalise on this position, which is vastly different to that of the developed market.
...

Neptune founder Robin Geffen, who also runs the boutique's Russia and Greater Russia, which returned 5.52% over three years to the end of September MSCI Russia Large Cap TR USD, while the fund, believes the region's stockmarket is sorely undervalued, which offers shrewd stock pickers opportunity.

'It is an economy that shrank last year but the stockmarket did well,' Geffen pointed out. He also believes a number of its public entities could be privitised, with the move eventually triggering a stockmarket re-rating.
But across the board it seems many of the reasons for investing in the Brics are linked to domestic demand, yet what happens if this demand story never plays out?
‘Consumption is the biggest share of any economy,’ Dowey pointed out, as if to say this is unlikely ever to be the case.
‘Emerging markets are very low-leveraged, so are well-placed to expand. This puts it at the heart of the growth story.


Neptune stars put Brics under the spotlight - Citywire


http://translate.google.it

[risparmier]

The top BRIC managers revealed: Russia - Citywire

[risparmier]

Goldman S. da ieri non raccomanda più una posizione rialzista sulla Cina ed ha consigliato di effettuare prese di profitto sull' HSCEI.
GS resta rialzista sulla Russia

11/11/2010 12:16

After last night's completely unsurprising "beat" of Chinese annualized inflation of 4.4%, Goldman today has come out with a note which, however, is very surprising: Goldman's Robin Brooks and Dominic Wilson have decided to close out their "long China" recommendation, which was one of the firm's Top 2010 Trades presented previously on Zero Hedge. .... As everyone had been fully aware (see our note here) in advance, the inflation number would come out at 4.4% (and so it did). ...

From Goldman Sachs:

Following yesterday’s RRR hikes, overnight China’s CPI inflation came in at 4.4%, above consensus of 4.0%, while industrial production rose by 13.1%, slightly short of consensus expectations of 13.4%. Money growth remained robust at 19.3% yoy. These data reinforce our view that activity remains solid even as inflation is picking up, so that more tightening measures are likely on the way. Jobs data in Australia was stronger than the headline number suggests (5.4% vs consensus of 5.0%), with the rise in the unemployment rate due to a jump in labor force participation. The main even today and tomorrow will the G-20 summit of heads of state.

Yesterday we closed our long China (HSCEI) equities recommendation and long EEM/SPX recommendation with potential gains of roughly 11.3% and 2.3% respectively.
With the US cyclical data (ISM and Payrolls) surprising on the upside last week, initial jobless claims continuing to trend lower, and inflation and policy tightening back squarely on the EM policy agenda, the near term outlook for this type of relative trade versus the US is more muddied than it has been for some time. The China (HSCEI) equities top trade too has moved up strongly in the last few months on the back of better cyclical data and easier policy. With successive inflation prints above the policymakers’ comfort zone, another hike in the reserve rate earlier today, and more policy tightening likely in the works, the near-term risk/reward for this position also looks unappealing as we approach the year-end ‘roll-off’. This “risk-management” aside, we continue to like the long-term outlook for EM equities: growth remains robust, and low interest rates in the majors should continue to exert downward pressure on the cost of funding for EM corporates. In the near term the inflation risk in some EM economies is growing and real, but as long as it is dealt with, equities should remain broadly well-supported, but after a strong run since September, it will be important to be more selective going forward.

As for how Goldman's top 9 trades of 2010 have fared so far, below is a summary - of the 9 original trades, 4 have been closed (2 at a loss, 2 at profit), and 5 remain still open.

Stay long Russian Equities (RDXUSD), opened at 1645.9 for a target of 2050, now at 1804.00.

Stay long GBP/NZD, opened at 2.29, with a target of 2.60, now at 2.0531.
Close short 2-yr GBP swap rates vs. long 2-yr AUD swap rates on a 1-yr forward basis, opened at -268.5 bp, for a potential loss of 24 bp (inclusive of carry).
Close short 2-yr TRY rates through cross-currency swaps, opened at 8.77%, with a target of 12.0%, for a potential loss of 168 bp (inclusive of carry).

Close long 5yr credit protection in Spain vs. short 5yr credit protection in Ireland at 13 bp, opened at 70 bp, with a target of 20 bp, for a potential profit of 2.9% (inclusive of carry).

Close long Chinese Equities (HSCEI), opened at 12616.01 on 01 April 2010, with a target of 15000, for a potential profit of 11.3%.

....

Goldman Advises Clients To Take Profits On "Long China" Trade | zero hedge


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[risparmier]

on Dec 30, 2010 at 06:01

Will Eastern Europe be the scene of the next sovereign debt crisis next year?
Will Russia continue to bounce back? ... Managers and investment groups give their views on the outlook for emerging Europe in 2011

Robin Geffen CEO - Neptune Investment Management

• Russia will continue to bounce back strongly during the course of 2011

‘Whilst most global economies should register slower rates of growth next year in comparison to 2010, I expect Russia to increase in terms of output growth.'

• Growth will be led by resurgence in investment and improved monetary policy

‘In addition to an accelerating economic growth profile, the Russian equity market remains at a significant valuation discount to emerging market peers, trading on 8x forward earnings compared with 18x in India and 14x in China.’

....

Managers on markets in 2011: Emerging Europe - Citywire

[risparmier]

28-12-2010 11:00

Un breve Outlook 2011 di East Capital, società di gestione indipendente,
...

L’Est Europa ricomincia a crescere, anche se non è ancora a pieno regime. Molti paesi della regione, tra cui Russia e Polonia,registreranno per 2011 una crescita intorno al 4%, ovvero più del doppio rispetto all’Europa occidentale. Turchia, Ucraina e Kazakistan potrebbero sorprendere con un tasso di crescita superiore al 5%, mentre la ripresa sarà più lenta nel Sud-est Europa, intorno al 2%. L’inflazione e i tassi di interesse resteranno sui minimi storici, stimolando una crescita rapida del credito soprattutto grazie all’aumento dei consumi da parte delle famiglie, molto poco indebitate in paesi come la Turchia e la Russia.

A nostro giudizio, la Russia rappresenta la migliore opportunità per il 2011 grazie a valutazioni molto interessanti, ad una crescita sostenuta degli utili per azione e a solidi fondamentali macroeconomici.
Per quanto riguarda il mercato turco resta più vulnerabile nei confronti delle circostanze esterne e nel primo semestre del 2011 dovrà affrontare alcuni problemi sul fronte politico interno. Se le elezioni procederanno senza intoppi e la Turchia riceverà il rating tanto atteso “investment grade”, le prospettive per il secondo semestre 2011 saranno alquanto positive, infatti i fondamentali macroeconomici restano solidi e il settore bancario è forte. Le prospettive di crescita a breve termine nel Sud-est Europa non sono particolarmente favorevoli, ma il fatto che queste economie si stiano riprendendo, risanando la situazione patrimoniale pubblica e privata, dovrebbe attirare nuovamente gli investitori stranieri. Il processo di convergenza nel medio/lungo termine continua e abbiamo già notato un ritorno degli investitori strategici a lungo termine. Le notizie sui singoli mercati, come l’IPO di Fondul Proprietatea in Romania, i negoziati per l’ingresso della Croazia nell’UE , la candidatura formale della Serbia all’UE, potrebbero rappresentare fattori positivi in grado di dare il via a una serie di eventi simili a quelli registrati nei mercati baltici nel 2010.

....

Bluerating.com ? Fondi, Fondi pensione, Fondi Hedge, Fondi Assicurativi, ETF e Certificati Tutto in un click - Risparmio gestito - Dalla Russia con amore

[risparmier]

Feb 14, 2011 at 13:34
....

Speaking to Citywire at his Paris base, the French fund manager said the long term outlook for the natural resources sector is positive especially considering the cheap valuations.
‘Profits from natural resources went up considerably last year but the sector’s performance was nothing extraordinary, not in line with the profit’s evolution,' said Lemonnier, who runs the Amundi Actions Emergents fund. 'This meant there was a significant valuation gap so we increased our exposure to the sector and to Russia.
‘It was to play the sector at very cheap prices as there was an enormous PE discount with Russia and it was a country that few investors were exposed to.’
Lemonnier is not alone in his bullishness on Russia; Schroders' global emerging markets head Allan Conway also told Citywire last week of his recent move to overweight the country, which has often scared off investors due to its volatility and strong correlation with the oil price.
...

Star EM manager Lemonnier joins Russia bulls - Citywire

[risparmier]

BRIC 2011 outlook

25-03-2011
video

Investment Commentary Video - HSBC in HK