China's still up; India, Russia, and Brazil are down. So argues Manning & Napier
] head of global investment strategy Marc Tommasi
, manager of over $40 billion in client assets, who gave Forbes
the lowdown on M&N's picks and pans
in the global investing landscape.
Tommasi discuses Manning & Napier's overall investing strategy -- avoid value traps, look at individual equities rather than sectors -- and admits that the emerging markets "are not playing out the way we expected," although "the secular growth story for emerging markets is still a lot healthier than developed markets."
Tommasi bucks convention when he says that China still has room to grow -- though stay away from Cinese banking and real estate. He says Manning & Napier has been reducing its position on Brazil. The firm is "constructive" on Mexico, though "it's hard to justify a buy right now."
India and Russia, sad to say, are too corrupt and mismanaged for Tommasi to recommend buying, but he likes some individual companies.
To recap, Tomassi's overview of world economies:
Big things coming: Poland, Czech Republic, Korea, Indonesia
Wary yet hopeful: China, Mexico
Get your act together: Russia, India, Brazil, U.S., U.K., Europe, Japan
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