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Emerging markets will be the driver of global growth, said Justin Leverenz, portfolio manager at Oppenheimer Developing Markets.
“When you look at the world over the next two or three years, there’s clearly a scarcity of growth over all of the developed world,” Leverenz told CNBC. “So [most] of the world’s growth is going to come from the emerging markets.”
He said prices are extraordinary and very attractive at the moment and expect the industry to have a major run over the next few years.
“In the last five years, roughly 40 to 50 percent has come out of the emerging world, I think substantially all of the world’s growth is going to come out of these geographies over the next couple of years,” he said.
Recommendations:
Infosys Tech [INFY
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]— "An offshore IT outsourcing company. The way I see it, over the next few years, we’re going to see a massive structural transformation of software," said Leverenz.
Taiwan Semiconductor [TSM
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]— "It’s going to be an enormous beneficiary of a mature semiconductor industry. We’re going to see substantially more outsourcing in a slow growth environment," he predicted.
"In addition, its competitors have been completely impaired. So this company has much more discipline on the supply side, much greater pricing power and greater earning capacity," Leverenz added.
He also likes SINA Corp. [SINA
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].
Disclosure:
Infosys is 6 percent of Leverenz’s fund.
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