Die besten globalen Schwellenländer Aktienfonds - Seite 3

Underweight
• China – the country looks interesting from a top-down perspective but the positive macro environment is not always reflected at the corporate level. We prefer to gain exposure to China via well established Hong Kong domiciled companies which do business in China.
• Korea – a relatively mature economy with well-known global brands such as Samsung and Hyundai. The key problem has been the domination by the chaebols, huge conglomerates that can make the business landscape less competitive. Moves by the government to prevent hostile takeovers of domestic companies have also raised concerns.
• Taiwan – the country is home to a number of interesting businesses but more than half of the market is in cyclical industries. Also, corporate transparency is generally poor.

Overweight
• Consumer Staples, Financials – our overweight to these sectors is due to our optimism over the growing domestic demand story. We feel that emerging economies will become increasingly domestically driven and less reliant on exports.
• Health Care – the sector offers high quality generic pharmaceutical opportunities with exposure to growing domestic demand for prescription drugs. These companies are leaders in cost efficiency and have strong distribution capabilities.

Underweight
• Materials – we remain wary of the sector, where businesses tend to be cyclical and do not fit in with our long term, steady growth investment style.
• Industrials – we generally view companies in this sector as cyclical businesses that are vulnerable to margin pressures and are thus underweight.
• Utilities – while it is a relatively defensive sector, it generally involves more regulatory risk."

Pauli Laursen, Fondsmanager des "ISI BRIC Equities" (19.07.2010): "Wir fokussieren auf Aktien im Bereich Binnenkonsum bzw. Infrastrukturausbau. In Indien investieren wir in Unternehmen innerhalb Hoch- und Tiefbau. Diese profitieren von öffentlichen und privaten Investitionen in Straßen, Häfen und Elektrizitätsversorgung. In Russland und Brasilien investieren wir in Aktien innerhalb Konsum, beispielsweise in den Immobiliensektor. In China investieren wir ebenfalls in Konsum, beispielsweise in Fluggesellschaften und Einzelhandel."