He is happy to hold companies such as Unilever, which are selling soap and shampoo, but is avoiding companies aiming to sell luxury goods into emerging markets.
It is a nerve-wracking time to be an emerging markets investor and there is no doubt that the market could fall further from here. Emerging markets have low valuations on their side, but this does not mean they couldn’t get cheaper. As with all market routs, selective opportunities are likely to emerge and some managers are moving back, but emerging markets continue to divide opinion.
Cherry Reynard is a freelance journalist