Barnfather seeks EM exposure in ‘unloved' Europe

Aaron Barnfather, manager of Lazard's European Alpha fund, argues there is value in the unloved continent, as it offers investors emerging market exposure.

Barnfather has 25% of his £132m fund in European stocks linked to EMs, many of which he believes are mispriced. The manager has recently increased exposure in Jerónimo Martins, a Portuguese food distribution company, because it is positioned to benefit from the emerging market growth story. “Stocks like Jerónimo Martins have been wrongly valued. It has a lot of exposure to emerging market growth at a fast pace,” said Barnfather. “As it is listed in a peripheral European country we can purchase it at a cheap price.” Barnfather added telecommunications group Telenor and healthca...