Allianz RCM's Konstantinov shuns Russia and energy stocks for China

Allianz's Michael Konstantinov is reversing the bias towards Russia and energy stocks he introduced in November last year to shift back into China, Brazil and India.

Amid dampening inflationary pressures and rising  interest rates, BRIC countries are set to come back into the spotlight, offering strong investment opportunities outside the energy and oil sectors, the manager of the £877 RCM BRIC Stars fund said. He will gradually cut the fund’s overweight to Russian equities and the energy sector, in favour of Chinese and Brazilian middle class growth areas, adding exposure to India further down the line. “We will likely favour China over the next few months, as India is still negatively affected by oil prices and further interest rate hikes forecast ...