Asset Management Profile
ྤயგநᐂ
ᜦ Ujn!TdipmfgjfmeĈگજξֽڶ፟ົ ଂ ۵ ை ξ ಞ ۞ ֎ ޘထ ̶Ă ࠻ р ̚ ઼ ઼ ࡻ Ă࠻ ୶ ࡚ ઼ ͟ ώ ᔵາᎸξಞ۞གྷᑻᆧܜ ᅈ ̏ ൴ ण ઼ छĂҭ ۵ ξ ݒ ՟ ѣ ྫྷ ᐌ གྷ ᑻ ᆧ ܜĂͽ പ ˠ ٙ ሢ ଉ ۞ ̚ ྤ ۵ ࠎ ּĂጐ გ ࿆ഇ̫ѐ઼̚གྷᑻҌ ͌ ѣ : & ᆧ ܜĂ Ҥ ࣃ ˫ ܧ૱ آ ܮĂ۵ ᆊ ݒϏ т ధ к ̂ Җ ѐ ۞ ܐ ീ ਠ ˯ ̿Ąѐ ܐҌ ̫ ˯ ঔ B ۵ 2 8 &ă㖀 Ϡ ઼ Ћ ۵ ᇴ 9 &Ą ۵ξགྷᑻܑனࡦ۞ ଐ̫ڶѐТᇹனд າ Ꮈ ξ ಞ Ą ז۰ યĶ ז غᔘ ࢋ ඈ к ˳ ķĂᜦ ྤ ய გ ந ᒖ ۵ ை Ը ྤ ᓁ Ⴞ U j n! T d ip mf g jf me৯ ˞Ă ܑ ϯĂү ࠎ۵ைԸྤ۰ᅮࢋк˘ᕇ ّĄ Ķ ү ࠎ ۵ ξ Ը ྤ ۰Ăϫ Ѝ ᅮ ࠻ ܜᅈ ֱĂԧ ࣇ ົ ࠻ 23 Ҍ 2 9 ࣎ ͡ ۞ ᆧ ܜሕ ˧Ąϫ ݈ γ ಛ ᔘ ѣ ధ к ̙ ځ६ Я ৵Ă ҃дΝѐ̂̿˵ޢᅮࢋፋ ĄԸ ྤ ۰ ᅮ ࢋ к ˘ ᕇ ۞ ّĄķ ᄮࠎனдߏ෴ˢᐹኳ ۵ ை ۞ ։ ፟Ăҭ ߏ Ը ྤ ۰ υ ื ̈ ͕ Ᏼ ፄ ۵ ЊĂ҃ Ը ྤ ξ ಞ ົ ၆ Ķ Ᏼ ፄ ķү а ಡĄ ੵ ˞ ّ Ᏼ ፄ ّĂ ᔘ ᚍ Ә Ը ྤ ۰ ࢋ ࢬ ၆ ன ၁Ă ϫ ݈ ۞ Ը ྤ ξ ಞ ͧ 3 1 1 8ă 31 1 9ѐ ݈ ࢋ گજĄҭ ߏ گ જ၆ٺѣࡔ۞ޠԸྤ۰ֽ ᄲĂϒ р ֽ ˢ ξ ॡ ፟Ă΄ ྤ ய ᎕Ą ̙ࢋᗓୢјሢξಞ ଂ གྷ ᑻ ۞ ֎ ޘĂT d i p m f . g j f m e ξ ಞ ߹ ˘ ᇹĂᄮ ࠎ າ Ꮈ ઼ छ ົ ᓄ ၷĂ҃ ͽ Ҙ ͞
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ࠎ ࢵ ۞ ̏ ൴ ण ઼ छ ົ ি ऴĂ ҭ ೩ ᏹ Ը ྤ ۰Ă ̙ ܑ дᏴ۵ॡಶࢋᅈᗓҘ઼͞ छ҃БࢬԸШາᎸξಞ۞ ᘃ ٱĂЯ ࠎ າ Ꮈ ξ ಞ Ш Ҙ ͞ ઼ छ ᔉ ෴ ޝк ڌҘâ ̚ ࣎ ָ ۞ ּ ̄ ߏ ܮᇇ ઼Ąᇇ ઼̝ٙͽѣ̙ܸ۞གྷᑻᆧ ܜĂ ࣧ ࣎ ˘ ̚ Я ߏ ᇇ ઼ ̂ ณ Ш ̚ ઼ ซ ˾ ய ݡĂᓐ ۞ ځ Ըྤ۰ົᏴፄֱາᎸ ξಞѣ̷Ϡຍ˯۞ֽـ ξ ̳ ΦĂ ϒ ߏ ༊ г ˘ ̚ ࣎ Ը ྤ ᗟĄ ְ ၁ ˯Ă ޝк ለ ࡚ Ћ ຽ ౌ д ᕖ ̂ າ Ꮈ ξ ಞ ۞ Ը ྤĂͽ ܓତາᎸξಞ۞ᘀ̂ঐ
• Long term economic growth and consumption in
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ܜ۵ ᆊ ӛ ͔Ă ಈ ᝌ ۞ ঐ ۵ Β ߁ ܛᏉ ঐ ᙷ ݡĄ ࠻ ୶ ࡚ ઼ ͟ ώĂࣧ Я ߏ ᄮ ࠎ ࡚ ઼ ۵ ᆊ ̏ ͧ ྵ ෳĂ ҃ͷ༊гЋຽ࠳Ӏ۞Ӏማ த ̏ གྷ ֍ Ă ޝᙱ ຐ ည ځѐ Ћ ຽ т ң ᆧ ΐ ࠳ Ӏ தĂ͍ ߏ ༊ ќ ˢ ᆧ ܜϒ д ഴ ͌Ą͟ ώ ͞ ࢬĂᔵ གྷ ᑻ ࠹ ༊ Б ̼Ăҭ ߏ ࢋ ֶ Ꮵ ̏ ൴ ण ઼ छĂٙ ͽ ༊ ለ ࡚ གྷ ᑻ ͣ ָĂ ͟ ώ ˵ ᙱ ච ֗ Ą
າᎸξಞԸྤ۰۞ ˬี߄ጼĈ • ّ! • Ᏼ ፄ ّ! • ࡔ !ّ ޠ ᅮ ՐĂ ˵ ߏ T d i p m f g j f m e д Ᏼ ۵ ॡ ࣎ ˘ ̚ ᗟĂ ͍ ࠻ р ྺ ຽăਕ ăથ ݡ ࣧ Մ फ़ Җ ຽĂЯ ࠎ ֱ Җ ຽ ϒߏາᎸξಞܜᅈ൴णٙ ᅮ ࢋ ۞ ڌҘĄ ࡶଂ۵ைξಞ۞֎ޘထ ̶Ă ࠻ р ̚ ઼ ઼ ࡻ Ă࠻ ୶ ࡚ ઼ ͟ ώĄ ࠻ р ࡻ ઼ ۵ ξ ੵ ˞ Я ۵ ᆊ آ ܮăξ ࠳ த Ϊ ࠎ Ҳ ᗕ Ҝ ᇴ γĂ˵ Я ࠎ ̂ ొ Њ ˯ ξ ۞ ߏ ઼ ᅫ Ћ ຽĂ Ξ צ າ Ꮈ ξ ಞ ᆧ ܜĄ Ҍٺಈᝌ઼̚۵ξ۞ࣧ ЯĂΒ ߁ ૻ ̂ ۞ ܜቢ གྷ ᑻ ᆧ
emerging markets will be the key global investment themes, said Tim Scholefield, head of equities at Baring Asset Management. However, he notes investors can play the emerging market story in a lot of different ways, as US and European companies are increasingly fulfilling the demands of the emerging world with their exports. He is overweight on China and UK, underweight on US and Japan. Selectivity and patience are important virtues for investors, says Scholefield. In response to questions about when the equity markets of EM will rise to reflect their value and economic growth he adds they will have to get used to volatility too, however he believes volatility in the market will offer entry points for disciplined investors.
̶ ࣶ ژѣ ӎ ࿅ Њ ሄ ៍ĉ
Tim Scholefield, head of equities at Baring Asset Management
ଂ Җ ຽ ֽ ࠻Ă ࠻ ୶ Ҙ ͞ ઼ छ ۞ ঐ ̳ ϡ ְ ຽĄҘ ͞ ઼ छ ۞ ঐ ΄ˠ ᇎ ᇋ ̝ д ا ٺϔ ྤ ய ᒺ ͪăε ຽ த ˯ ̿Ăੑ ߆ ღ ۞ ߆ ځ عѐ ࠤ ѣ Ξ ਕ ົ ̂ ಼ ΐ ඁĂೱ ֏ ̝ اϔΞͽ જϡ۞ฟ͚ ົ ഴ ͌ćҌ ٺ ˧ăͪ ચ ඈ ̳ ϡ ְ ຽĂᔵ Ћ ຽ ۞ ќ ˢ ͧ ྵ ᘦ ؠĂҭ ߏ Я ࠎ གྷ ᒉ צ ع ߆ זႾ გĂ҃ ߆ ޝ عΞ ਕ ࠎ˞ ྃ ੑ ߆ ᅮ ࢋ ҃ Ш ֱ Җ ຽ ฟ ˥Ă΄ ࠳ Ӏ צຫĄ Ҍ̫ٺѐБ۵ξтѩ گજĂ ᄮ ࠎ ̂ ޝ ߏ ޘ Яࠎξಞፉ͕གྷᑻিऴົ χ ᑝ Ћ ຽ ࠳ ӀĄ ᄮ ࠎ д ҂ ᇋ Ϗ ֽ 23 Ҍ 3 1 ࣎ ͡ ۞ Ը ྤ ॡĂυ ᅮ ࢋ ય ࣎ ય ᗟĈ˘ ߏغזགྷᑻົӎᇆᜩछ ̳ Φ ۞ ࠳ Ӏĉ˟ ߏ ̶ ࣶ ژ၆ Ћຽ࠳Ӏѣ՟ѣү࿅Њ ሄ ៍ ۞ ෞ Ҥĉ ᄮ ࠎĂ̏ ൴ ण ઼ छ ۞ Ћຽֽѐ࠳ӀࢋפҌ 31 &۞ᆧߏ˵ܜΞͽઇ ז ۞Ă҃ ૄ ઼ ٺछ གྷ ᑻ ѣ ϒ ᆧ ܜăາ Ꮈ ξ ಞ ו፬ اϔ ঐ
ͽ ̈́ Ћ ຽ ड़ ৈ Լ චâ ֱ д ለ߷۞ЋຽࠤҌົז ෞ ৺ ˯ አĄ T d i p m f g j f m e˫ ᄮ ࠎ ϫ ݈ Б ۵ ξ ֭ ̙ ͉ ෳĂ р ۞ ᙋ ܕ ߏځೀ ֽ࣎̂͡ ณ۞׀ ᔉ າ ჷĈĶ ֱ ׀ᔉ ߿ જ ᙋ ˞ ځᕇĈ˘ ߏ Ћ ຽ ώ ֗ ˵ ᛇќᔉ̳Φ۞ᆊॾ Ъ நĂ˟ ߏ ѣ Ћ ຽ ਕ ૉ פ λ ̂ Ꮙ ྤĂѩ ˵ Ш Б ព ϯ ˞ ੑ ߆ ၁ ˧Ąķ ֭ ࢍ ׀ᔉ߿જдϏֽ˘ѐ̪ົ ߿ Ą д Б ̂ ࿔ ۲ ̳ Φ Qp u b t i˯ ͡ Ш ፫ ߷ ᚩ ຽ ̳ Φ υ υ ٤ĞC I Q ! C j mmju p oğĶ١ ķޢĂ็ ̰ г ̚ ̼ ะ ဥ າΐᝋૄܛΐˢጼ ဥć҃ ࡚ ઼ ࣎ ̂ ˠ ཝ ᄦ ౄથᑛႬ၆ᇴፂх ᐼ થ 4 Q B S ۞ ќ ᔉ ጼĂд ᗕ ͞ གྷ ࿅ ˣ Ѩ ᆊ ޢĂ ᑝ ୀ ᑛ Ⴌ ј Α ќ ᔉ 4 Q B SĂќ ᔉᆊՀߏܐ೩ќ ᔉ ᆊ ۞ ˘ ࢺĄ ޝкԸྤ۰ፉ઼͕࡚གྷ ᑻ ົ ன ᗕ غ ੜĂд ଐ˭ڶБЇң઼छౌᙱ ච ֗ Ąҭ T d i p m f g j f m e ᄮ ࠎд৺ᆵᗫ۞ఱ။߆ඉ ˭Ăᗕ غ ੜ ̙ ົ னĄ फ़ ̏ ൴ ण ઼ छ т ࡚ ઼ă͟ ώ ለ ߷ д Ϗ ֽ 23 Ҍ 3 1 ࣎ ͡ ۞ གྷ ᑻ ᆧ ޝ ົ ܜቤ ၙĂπ Ӯ ̂ ࡗ ࠎ 3 & Ҍ 3 / 6 &Ăҭ ؠ ۺ Ξ ͽ ᐂ ϒ ᆧ ܜĄҌ ٺາ Ꮈ ξ ಞ г ડĂ ഇ གྷ ᑻ ᆧ ܜ πӮΞ྿̏൴णгડ۞ ࢺĂࣧ Я ߏ ֱ ઼ छ ߆ ۞ ع ๅ ྵ ᅅĂ҃ ᅮ ࢋ ү ו፬ གྷ ᑻ ۞ Ը ˢ ˵ ͧ ྵ ͌Ą joy.thian@incisivemedia.com
Professional Adviser 13 September 2010 7