Malaysia Hotline: +603- 2141 8908
The
recent selloff in emerging-market assets, including Mexico and Malaysia's
currencies, has opened up investment opportunities not seen for decades,
according to Franklin Templeton's Michael Hasenstab, who's well known for
making contrarian bets.
“On
a valuation basis, this is not a once-a-decade, this is a multi-decade
opportunity to be buying very cheap assets,” Hasenstab, who oversees 30 funds
with $143 billion in assets, said in an interview posted on YouTube Monday. “We
are not buying everything,” but “there are a handful that have been caught up
in the turmoil that we think are diamonds in the rough,” he said.
The
San Mateo, California-based money manager said he's buying the Mexican peso,
Malaysian ringgit and Indonesian rupiah, while avoiding assets in Turkey, South
Africa and Russia. He's also betting on an increase in U.S. Treasury yields and
sees the dollar strengthening against the euro, yen and the Australian
currency.
Hasenstab,
an avid mountaineer who climbed Mount Everest, is doubling down on emerging
markets after a slowdown in China's growth rate, a slump in commodities and the
prospect for an increase in U.S. interest rates roiled markets from Brazil to
Malaysia.
Emerging
markets are set to record the first net capital outflow since 1988, the
Institute of International Finance estimated last week.
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