"What we advise investors to do is to position themselves for a 10 percent pullback. I don't think this time the pullback will be as violent as in the November '08 or the March '09 situation, because conditions have certainly improved, credit availability is better, and also the state of decline is not as extreme as the other time," she says.
However, Roth sees buying opportunities in the mainland Chinese market. She says that China will be a good hedge in the event that global growth continues to slow. Her top picks include Sinopec Shanghai Petrochemical, China Communication Construction and ChinaLife Insurance.
"If I compare Sinopec to the other two oil companies, it’s still very cheap. It's trading below 10 times P.E., so it will be a very good, cheap and defensive play," she explains.
"If the global recovery does not come as quick as excepted, China will continue to stimulate the economy … and also to continue with its infrastructure spending, and I believe that China Communication Construction should benefit from that."
"We also like China Life. It's more defensive, and it's a good proxy to the China market," Roth adds.
Neither Roth nor ABN Amro owns shares in these three Chinese firms.
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