U-länder driver börsuppgång 2010

Resonemanget låter likt det som svenska fondbolaget Enters fondförvaltare John Bornstein hade i en intervju med Realtid.se i november, där han förordade en exponering mot världens tillväxtländer genom att köpa aktier i bolag som har stor exponering där.

Inför nästa börsår pekar Di Bon generellt på negativa faktorer i Västvärlden såsom ökade skattesatser, stigande räntor, ökad reglering och att både företag och konsumenter vill minska sin skuldsättning.

Han ser trots det stora möjligheter för aktier i bolag med uthållig tillväxt och lönsamhet.

Fidelity brukar betecknas som världens största fondbolag med nästan 40.000 anställda.

Så här skriver di Bon via e-post:

”In 2009, equity markets throughout the world behaved both extremely and extremely normally.

As in 2003, the first explosive phase of recovery was led by relatively low quality, low P/E stocks.

By autumn, this P/E compression trade was almost past its peak, with the market debating whether the state of the world economy would support a longer term recovery.

Our view is very much that this is the case.

We feel that, as the emerging markets of the world continue their push towards industrialisation and an urbanised consumer model, their potential for growth will be a key driver for the next market phase.

As global investors, we can play this secular emerging market development theme in many ways, both directly and indirectly.

So, at times when local emerging markets are trading on high multiples, expect to see us play the theme indirectly via companies quoted elsewhere in the world which have strong earnings and growth exposure to the developing regions.

The western world will benefit from inventory rebuilding and corporate spending pick-up.

However, it will inevitably be affected by medium-term increases in taxation, rising interest rates, stricter regulation, and the deleveraging of the balance sheets of both consumer and financial services companies.

This will create a context where, from an investment standpoint, very attractive opportunities will be represented by stronger companies with sustainable growth profiles and returns.

As global investors with the ability to go anywhere in the world, and underpinned by Fidelity’s global research reach, we feel that we have the greatest opportunity to find the very best investment opportunities for our clients, wherever they may be.”

Tidigare har Fidelity varit föremål för debatt på grund av sina investeringar i de kinesiska oljebolagen PetroChina och Sinopec.

Fidelity har behållit aktier i de bolagen, trots att andra investerare såsom Harvard-universitetet sålt aktier i dessa bolag.