We have not taken money out of India and continue to like it on a medium to longer-term basis: Jonathan Schiessl
Jonathan Schiessl, Deputy CIO, Westminster AMC, says “I am very happy with our investments towards India which tend to be much longer term. We try not to be too short term. We have taken some equity weightings down to sort of underweight positions but within the context of an overall equity allocation, we have kept weightings in emerging markets and places like India up. We have not taken money out of India at all and we continue to like it on a medium to longer term basis.”
I always thought you loved India.
Yes.
Look, the problem is not necessarily India. I think generally we have had a period of exceptional volatility in the US bond markets in particular and obviously the dollar has screened higher and that is never good for emerging market assets as a general rule. Clearly everybody is worrying about a global slowdown, recession and therefore people are just pulling out of emerging markets in general.
Then obviously a market like India has been an exceptionally good performer versus the likes of China. I guess there is a bit of profit to be taken there as well. So it is not really an Indian problem.
It is the problem elsewhere, I would say.
So what has been your tone and tone of activity when it comes to India oflate, let us say three months?
Nothing. I am very happy with our investments towards India which tend to be much longer term. We try not to be too short term.
