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Rose: chances outside recovery stocks
Schroders’ £668m Tokyo fund manager has said contrarian opportunities lay outside of recovery related stocks.
Mr Rose said while he had been adding to stocks which suffered after-effects from the earthquake and “seemed cheap on a normalised basis” he expects “much of the recovery has been seen from here”.
The manager said: “The more attractive contrarian opportunity now probably resides in selected technology and other cyclical stocks which have borne the brunt of recent selling.
“Financials also look interesting given low valuations and weak share price performance in line with western financials but without suffering from some of same sovereign debt risks.”
While Mr Rose accepted the strong rise in third quarter GDP to 1.5 per cent was “statistical” he expected real GDP in Japan to be the fastest of any G7 economy next year.
