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JPMorgan has tweaked its global emerging market strategy for 2016 wherein it has downgraded Thailand to underweight and upgraded Malaysia and Chile to neutral. The foreign brokerage firm had earlier downgraded India and upgraded Russia to neutral.
“The model portfolio reflects asset allocation changes and ideas from the Emerging Equity Markets Year Ahead, including thematic stock baskets. Specifically, the upgrade of Russia to Neutral, the downgrade of India to Neutral and Turkey to UW,” said Adrian Mowat, the chief Asian and emerging market equity strategist at JP Morgan Chase & Co in a report dated December 18.
Overweights JPMorgan is now overweight on Korea, Taiwan, China, Indonesia, Mexico, Czech Republic and Hungary.
It is underweight on Brazil, Peru, Thailand, UAE, Turkey, Qatar and Poland.
Amid changes to the global emerging market model portfolio, JP Morgan added HDFC Bank and sold ICICI Bank and Axis Bank.
Within India, JP Morgan is overweight on Grasim Industries, Ambuja Cements, HDFC Bank and Infosys, while it has a neutral rating on Maruti Suzuki.
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