Ideas from Shigeki Makino

Amey Stone

Shigeki Makino is Putnam Investments chief investment officer and manager of their global funds, including the flagship Putnam Global Equity Fund. Makino, who also spent 10 years with Fidelity in Japan, Hong Kong and Europe, stopped by BusinessWeek's offices on Tuesday to discuss his outlook, his fund, and some of his favorite stocks.

Here's a few highlights from our conversation:

- Makino, who believes global economic growth is slowing, is emphasizing larger cap growth names and turning away from basic materials and consumer cyclicals.
- One favorite stock is Nobel Biocare, a Swiss maker of dental implants (unfortunately, it doesn't have an ADR).
- He is also stocking up on tech bellwethers like Microsoft, Intel, Cisco, Oracle, Dell and Nokia. He is 4% overweight tech compared to his MSCI benchmark.
- Valero Energy is a pick in the energy sector. It is the dominant refiner in the U.S.
- In Japan he owns Canon, which makes copiers, printers and cameras.