Paul Chesson, manager of the Invesco Perpetual Japan fund, tells Cherry Reynard how being ahead of the game in cyclical areas has helped fuel performance.
There has been much excitement about the potential for political change in Japan, and how that may impact the performance of the stock market. For Paul Chesson, manager of the Invesco Perpetual Japan fund, his weighting to more economically-exposed parts of the market has a more prosaic explanation: stocks are too cheap. Chesson switched into more cyclical areas as much as two years ago on valuation grounds. The markets were pricing in a doomsday scenario, which he didn't believe was going to emerge. That said, the market took some time to move to his way of thinking, making for an...
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