Investor With $837 Billion Sees Turning Point for Stock Pariahs
- Manulife allocation team mulls going overweight Europe stocks
- Region’s shares had their worst monthly drop since 2016 in May
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This year’s least-loved stock market has now become so despised that at least one investor says it may be time to turn contrarian.
Manulife Investment Management, which oversees $837 billion, is on the cusp of turning overweight on European stocks after buying the dip in May, according to its global head of asset allocation, Nathan Thooft. The world’s favorite short trade, the region’s equities vindicated bears last month as they tumbled the most in more than three years, making them even cheaper relative to U.S. peers.