Morningstar IM looks to Germany and Korea for relative value
New positions set up despite drop in equities exposure
Emma Morgan of Morningstar Investment Management
Morningstar Investment Management has initiated positions in German and South Korean stocks despite reducing its overall exposure to equities in favour of cash, amid markets that are "all somewhat overvalued".
The firm said its forward-looking expected returns for each of the major asset classes show "nearly all equity markets are overvalued in absolute terms". Portfolio manager Emma Morgan cautioned: "We...
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