Part two: Emerging markets: Fund managers do battle in commodity minefield
Profiles of the leading emerging markets investors
ALLAN CONWAY, HEAD of global emerging market equities at Schroders, is nervous. "We’re worried about China. Everyone is overweight China," he says. "It’s the lottery of a fund manager – you’re worried if your picks are with the consensus because it’s a stale trade, but you are also worried if you are out on a limb and maybe you have missed something everyone else has seen," he says.
Unlike Conway, Jonathan Asante, head of global emerging market equities at First State, is playing the lottery and is underweight China. Indeed, his Global Emerging Market Leaders Fund seems happy to avoid the crowd altogether. Last year, Angus Tulloch, the veteran emerging market investment manager from First State who reported record returns of 446%, stepped aside and...
