Turkey: Time to buy?
Every time Steven Holden looks at Turkish allocations among active EM investors the picture looks worse - all 4 of Copley’s ownership metrics have fallen to all-time lows, something Steven doesn’t recall ever seeing before. Just 40% (of 275 funds covered) have exposure to Turkey at an average weight of 0.44%. The bulk of the holdings distribution lies below 2%. The most widely held company is BIM Birlesik (12.7% of funds invested). The banks are almost universally avoided. High conviction fund holdings are led by Mobius Emerging Markets in the small-cap names of Logo Yazilim (2.9% stake) and Mavi Giyim Sanayi (2.67%).
Edition: 142
- 19 August, 2022