Face to Face Research

Here you can read a short summary of some of the trips made by our fund managers around the world.

Research from China

Edwin Gutierrez, Portfolio Manager, November 2009

Of the analysts we met on our trip to China, even the most pessimistic were fairly confident on the outlook for 2010. Consensus places growth at around 9.5% for the year, and we think the economy has sufficient momentum from both the ongoing infrastructure projects and real estate sector to achieve that.

The bigger question among analysts is - what lies ahead in 2011- 2012?

Download China research note

Research from Hungary

Edwin Gutierrez, Portfolio Manager, April 2009

There is a high degree of optimism among Hungarians, who believe incoming Prime Minister Bajnai’s economic adjustment program will be implemented successfully. This is despite a majority vote of only 15% and a GDP of -7%. Part of the optimism over the likely success of the adjustment plan may be born out of denial or ignorance about just how bad the economic contraction is likely to be both abroad and domestically.

Download Hungary research note