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Alternative Market Briefing

Duterte presidency in the Philippines offers opportunities, continued growth - hedge funds

Wednesday, May 11, 2016

Komfie Manalo, Opalesque Asia:

Contrary to what his rivals have been saying during the campaign period, foreign investors, particularly hedge fund managers, are not worried of an impending Rodrigo Duterte presidency in the Philippines.

Indeed, fund managers who are investing in Philippine stocks are telling their clients not to worry as the Philippines has strong economic fundamentals and that the World Bank described Manila as a rising Asian tiger. A Duterte presidency could even present a buying opportunity, reported Bloomberg.

The report quoted Civetta Capital managing director Alex Klein Tank, a hedge fund manager based in Bangkok, as saying, "Politics in Southeast Asia are always volatile and unpredictable. But we stick with the fundamentals and I don’t think the growth trajectory on the Philippines will be derailed by the election."

Around 40% of Civetta’s long-only equity fund portfolio is invested in four companies in the Philippines, including conglomerate San Miguel Corp., construction giant EEI Corp., low-cost housing developer 8990 Holdings and mobile e-commerce company Xurpas Inc.

Tank added that while it is normal for foreign hedge funds to get nervous during presidential transition, things are expected to return to normal quickly and the Philippines will continue its upward trajectory.

T......................

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