“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.
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.