Catechis sticks to cautious position on China

Swip emerging markets manager remains undeterred by the effects of his underweight position on China, citing superior medium-term prospects in Russia and Brazil

Swip's Emerging Markets mandate has suffered recently due to a respective under and overweight in China and Russia. But manager Kim Catechis maintains recent performance is part of a three-year masterplan. The £870.6m vehicle invests in a concentrated portfolio of 45 stocks and has historically targeted three-year growth. Catechis maintains a relatively contrarian overweight position in Russia, with Brazil another large bet. The largest holdings are Russian oil giant Gazprom at 7.4%, Brazilian oil company Petrobras at 5.6% and CVRD, a Brazilian mining operation, at 5.2%. Three-yea...