Three pockets of emerging-market growth to buy now

Professional investor Xavier Hovasse picks three emerging-market stocks to buy for growth.

Each week, aprofessional investor tells us where he'd put his money. This week:Xavier Hovasse of Carmignac Gestion

Emerging markets have rebounded strongly since January, benefiting from a more clement economic climate. Stronger commodity prices, a weaker dollar, a more dovish stance from the Fed, ongoing monetary policy accommodation and stabilisation of key indicators in China have combined to give a number of emerging markets a new lease of life. However, structural problems remain intact: weak global trade, discouraging developed-market growth, high leverage and excess capacity issues.

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Xavier Hovasse is manager of the Carmignac Emerging Discovery Fund.