Wimborne cuts Brazil to make Korea move over cyclical story

Baring Emerging Markets fund manager Paul Wimborne has reduced his weighting in Brazil in favour of the cyclical growth on offer in South Korea.

Wimborne, who uses both a bottom-up and top-down approach in the £44.6m fund, is cautious over Brazil following the market’s impressive growth in 2009. He has reduced holdings in the South American country from 20% to 14% to rotate into South Korea. Wimborne believes developed economies could achieve surprise levels of positive net growth in 2010 and as such has increased exposure to South Korean firms such as Samsung Electronics. “We have been underweight in South Korea for a long time, but we have increased our weighting because if developed economies pick up there is a good chan...