Philippines Wealth Management Forum 2019 - Exclusive Insights - Rob Mumford
Portfolio Manager, Emerging Markets Equities
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It's been a good start to the year. The situation we have now clearly is the markets are at a higher level. We've also got geopolitics raising its ugly head again, back in the US-China trade war. I think the situation is there's still good growth and good opportunity. Valuations are still reasonable and I think we'll still make steady gains, but not the sort of gains we saw in the first quarter. We had Asia ex-Japan up 15%-20%. I think we can make single-digit to double-digit gains, and the difference will really depend on how the US-China relationship pans out. Not just about trade, there are other issues we're hearing they may come into conflict about. So the backdrop is the growth profile you get in Asia is way superior than in developed markets. The valuations are still attractive, the yields are still attractive. So the longer-term outlook is strong. Second half of this year, depends on how things go near-term.