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GoodReturns TV

GRTV: All eyes on Europe

In the third part of our new Good Returns TV series, Julian McCormack, an investment specialist for Platinum Asset Management in Sydney, tells publisher Philip Macalister why a recovery in Europe is creating opportunities for investors.

Friday, June 2nd 2017, 6:03AM

This episode is also available as an audio podcast. Listen now or download using the controls below:

McCormack said some investors might be surprised at the extent of the recovery under way.

“All across Europe now we see improved current accounts, very, very competitive places - Spain’s just handed two million jobs in two years, in an economy of 40 million people. So, you’re really seeing this place having turned a corner, and earnings are way behind where they’ve been previously, and way behind where they’ve got to in the US.”

He said his firm was not interested in defensive consumer stocks but there were parts of the market with room for growth.

“The kind of stuff we’ve wanted are beaten-up industrials – so, think about the manufacturing base of Europe. There’s a lot of machine tools, a lot of exports into the emerging world, and they’ve done very well. But then also, the financials.”

He said the European political risks of Brexit and the French elections should not be overplayed. “Going back 20 or 30 years, Europe was a place that had three or four active terrorist armies. We had ETA, the IRA, the Red Brigades, on and on. Now, we’re sort of freaked out by democratic processes where people are having a say. That strikes us as a bit weird.

To watch the full interview, click here

To download an audio podcast, click here 

To read the full transcript, click here

Tags: GRTV Platinum Asset Management

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