Pimco Is Buying in China, Sees ‘Cheap’ Emerging-Market Equities

Emerging-market stocks are “cheap” and Pacific Investment Management Co. is buying in China after the nation’s shares tumbled this year, said Maria Gordon, an emerging-market equity-fund manager at Pimco.

“We are definitely fishing in the more cyclically distressed areas of the market where valuations are very, very cheap,” London-based Gordon said in an interview with Sara Eisen on Bloomberg Television yesterday. “We’re selectively accumulating positions” in China, Gordon said, adding that shares of Hong Kong-based insurer AIA Group Ltd. are poised for “a lot of capital appreciation.”