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Alternative Market Briefing

Hard assets and international equities will save portfolios in year ahead, according to Legg Mason subsidiary Royce & Associates

Monday, March 19, 2012

Beverly Chandler, Opalesque London:

The director of international research at Royce & Associates, a subsidiary of global asset management firm, Legg Mason, with assets under management of $627 billion, has predicted that equities will come 'storming back’ through 2012.

David Nadel, Manager of the Legg Mason Royce Global Smaller Companies Fund and Director of International Research at Legg Mason subsidiary Royce & Associates, which has $31bn of assets under management, believes international equities, particularly emerging markets, are set for an impressive recovery in 2012.

International Equities

"Broadly speaking, I’ve entered 2012 more bullish on international equities, at least those of the high quality companies in which Royce looks to invest. I’m particularly bullish about emerging markets: they have generated three-quarters of real GDP growth over the last decade and are positioned to lead" he said. "In 2011, we saw massive underperformance by the international markets versus the U.S. On the back of this cataclysmic underperformance, I think 2012 will be the year international equities storm back, while U.S. equities could take a breather from their perch as the 'safe haven.’"

Nadel believes that American ingenuity offers one source of optimism. "No country on the planet is as stubbornly optimistic, and has such a strong ability to reinvent itself to survive a crisis. I think the better U.S. smaller companies will continue to be the models for......................

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