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‘Turkey’s gross domestic product has beaten estimates’“The political situation in the country has become even more challenging of course, but that said, businesses in the country could continue to do relatively well with the exception of sectors that are exposed to tourism and leisure. We are not invested in these sectors and we prefer stocks in Turkey with a superior earnings profile and attractive valuation parameters.”
‘The outlook for emerging market fixed income securities remains reasonably stronger’His fund has been underweight or neutral to Turkey in recent months, but added to its government debt holdings on Monday. “The market reaction this morning has been to immediately reprice the Turkish lira lower and bond yields higher, to reflect the increased political risks,” he says. “However, the overall outlook for emerging market fixed income securities remains reasonably stronger, as the global factors of steady Chinese growth and extremely low interest rates and yields in developed economies encourage a reach for yield by investors into emerging bond markets.”
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