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Dalton backing Korea with pan-Asian launch

Dalton Strategic Partnership has set up a pan-Asian equity fund, which will be managed by Sally MacDonald.

The Melchior pan-Asian Advantage fund is a them-atic portfolio that will invest in between 45 to 75 stocks in markets including Hong Kong, China, India, Australia and New Zealand.

MacDonald, who was previously a senior fund manager on the Asia equity team at Morley Fund Management, will not be constrained by benchmarks.

Investment themes at launch of the fund include construction machinery and infrastructure spending while two-thirds of the portfolio is in cyclical stocks.

Korea has the biggest country exposure at 28 per cent, with China, Taiwan and Hong Kong also in favour.

MacDonald says: “Asia’s aggregate figures mask enormous intra-regional disparities. In the rush for China and India, other parts of the region are being overlooked or forgotten. A huge infrastructure cycle is starting outside of China and India.

“I think that earnings’ upgrades will continue to come through in Korea, Thailand, Malaysia and Indonesia. I particularly like the industrial machinery, construction and financial sectors.”

Minimum investment is £10,000 and annual charge is 2.15 per cent.


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