Greenberg puts faith in India’s business reforms

“They are taking their eye off the ball: the ball being helping the population achieve a higher standard of living. Consolidation of power seems to be the main thing they are doing.”

In Taiwan – which makes up 14.7 per cent of the portfolio – the manager thought corporate governance was strong, but feared the effects of an upcoming election and a weak economy.

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Meanwhile, Mr Greenberg is struggling to find attractive companies elsewhere.

“We can’t find stocks in Malaysia, Mexico and Korea; we just don’t find attractive names there,” he said.

The fund has returned 14.7 per cent in the past three years, compared with the IA Global Emerging Markets sector’s loss of 2 per cent, data from FE Analytics shows.