JPM's Forey turns to the ‘election trade'

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J.P. Morgan Asset Management's Austin Forey is taking overweights in emerging market countries holding elections this year, in the view their shares could rally after a dismal start to the year.

Forey’s three biggest geographical overweights are India, South Africa, and Brazil, all of which have upcoming elections this year.   The lead manager of the £733m J.P. Morgan Emerging Markets investment trust and co-manager of the £1.2bn Emerging Markets fund said India’s last set of elections in 2009 provided a good comparison. The world’s largest democracy has already seen striking gains on hopes Hindu nationalist Narendra Modi will be elected next month. The Bombay Sensex index is up 12% in the last month in what analysts have dubbed the “saffron rally”, a reference to the colours...

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