Cautious HSBC duo open up short position in India

HSBC's Nick Timberlake and Omar Negyal have opened up a net short position in India within the new GIF Global Emerging Markets Equity Alpha fund.

The pair, who have been running the absolute return strategy since it launched in April, say although they like India’s economic story, it has become increasingly difficult to find undervalued companies. They are also short Taiwan, where they view the domestic market as particularly overvalued, and have introduced six short positions in both markets from launch. “There are few companies in India today exhibiting attractive levels of valuation, and the market as a whole is among the most expensive in the emerging world,” Timberlake says. “People are looking at the very robust growth...