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Turkey Stocks Worst-Performing in World Offer Value, Hermes Says

Hermes Fund Managers Ltd. sees value in Turkey’s stock market, the world’s worst-performing in dollar terms, as Prime Minister Recep Tayyip Erdogan’s government grapples with graft allegations.

“Bargains cannot be found in a euphoric market -- they’re in worried markets,” Gary Greenberg, who oversees about $785 million in emerging-market stocks at Hermes, said in a phone interview from London Feb. 26. “Turkey qualifies as a worried market right now.”