GAM's McNamara says buy most distressed emerging market currencies
TEL AVIV Oct 14 (Reuters) - Paul McNamara, investment director at Swiss-based GAM Holding Inc, said on Wednesday his top investment pick would be the most distressed currencies in emerging markets.
"Our top trade is to buy dogs" in emerging markets, referring to countries whose currencies have fallen 50-60 percent, McNamara told the Sohn Investment Conference in Tel Aviv. "They will come back."
He favours the Brazilian real, Mexican peso, Indonesian rupiah and Colombian peso. He said he does not like the Peruvian sol, Malaysian ringitt and Turkish lira and also does not see a significant recovery in commodity prices soon. (Reporting by Tova Cohen and Steven Scheer; Editing by Alison Williams)
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