Andrew Gillan, Head of Asia ex Japan Equities and Co-Manager of the Asian Growth Strategy, provides an update covering the impact of the trade wars on the region, changes to the strategy year-to-date, his views on Southeast Asia and outlines the investment case for Asia.
Strategy positioning has transitioned slightly away from China and into Southeast Asia
Southeast Asian countries such as Indonesia and the Philippines benefit from compelling growth and strong consumption
Trade war uncertainty is holding off corporate spending decisions, relocating manufacturing and impacting discretionary purchases but these concerns may be overplayed
Indian companies offer strong growth and attractive return on equity (ROE)
Asia is trading at a discount relative to global equities, and should benefit from a weaker US dollar
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