Each week, a professional investor tells us where he'd put his money. This week: Andrew Ness, portfolio manager at Templeton Emerging Markets Investment Trust.
Global stockmarkets began 2019 on a high note, driven by optimism that the US-China trade negotiations would end well and hopes for a prolonged pause in US interest-rate hikes. Emerging-market equities benefited from domestic currency strength and robust portfolio inflows to finish January ahead of their developed-market counterparts. The fact that Chinese GDP growth has eased attracted media attention, but its economy has nevertheless continued to grow at a robust rate of more than 6% a year, making the country one of the fastest-growing major economies in the world. Meanwhile, a shift towards innovation, technology and consumption as the country's primary drivers of growth could make that growth more sustainable over the long term.
A market leader in semiconductors
Taiwan Semiconductor Manufacturing (Taiwan: 2330)
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India's fast-growing private banks
ICICI Bank (Mumbai: ICICIBC)
We favour the bank as it continues to build its strong retail franchise and extensive network. A turnaround in its corporate business could further drive sentiment towards its stock. With national elections coming up, Indian markets are expected to remain volatile in the interim. But in the longer term, the case for investing in India remains strong as its economic fundamentals remain intact.
Attractive returns from Russian oil
Lukoil (Moscow: LKOH)
The company's progressive dividend policy and share-buyback programme also bode well for the stock.
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