Investec's Africa & Middle East fund delivers in spite of Dubai headwinds

Investec Africa & Middle East manager Roelof Horne remains positive on prospects in the developing regions despite expecting the fallout from Dubai debt exposures to continue through 2010.

Horne’s fund was one of the top performers over the first quarter of the year, with the 22.7 rise more than offsetting the brief sell-off experienced during the height of Dubai’s debt turmoil late last year. While Horne predicts further market volatility this year as banks realise full Dubai debt exposures, the uncertainty has not altered the group’s long-term positive view. “We believe there continues to be a perception mismatch, with many uncorrelated assets being collectively punished for the uncertainty in Dubai,” Horne says. “The economies of the GCC countries – mainly Saudi A...