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Turkey: political noise but investment opportunity

Turning more positive on Turkey: James Syme, JOHCM Global Emerging Markets Opportunities, explains his optimism.   

  • James Syme
31 Oct 2019
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View PDF   Download PDF  
  • We have had an increasingly positive view on Turkish assets, despite some stark news headlines covering the deteriorating relationship between the US and Turkey.
     
  • The external political environment matters less when US dollar liquidity improves, which we believe will be the result of the Federal Reserve’s growing realisation that increased intervention is needed.
     
  • There will be tweets, and headlines, but we choose to look through these, and focus on the wider opportunity Turkey offers with the economy reset and the currency and equity market looking cheap.
     

Disclaimer

Past performance is no guarantee of future performance.
The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Investing in companies in emerging markets involves higher risk than investing in established economies or securities markets. Emerging Markets may have less stable legal and political systems, which could affect the safe-keeping or value of assets. The Fund’s investments include shares in small-cap companies and these tend to be traded less frequently and in lower volumes than larger companies making them potentially less liquid and more volatile. The information contained herein including any expression of opinion is for information purposes only and is given on the understanding that it is not a recommendation. 

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