Parity in Asian funds

By Mohamed Ali Bernat Concentration of the top stocks in Asian emerging markets indices is resulting in near-uniform portfolio holdings by fund managers, according to Fidelity's K C Lee. Lee, addressing the Investment Week Markets Forum 2000 via satellite from Hong Kong, said the extreme concentration in Asia ex-Japan markets was partly the result of investors valuing a stock by which industry it was in rather than how efficiently it managed its capital. He said: "The danger is that some of the stocks in the technology, media and telecom sector are mis-priced. This could encourage the m...