Amundi sees the opportunities to add holdings to its portfolio in cyclical sectors amid an improving economy in Europe, according to Citywire + rated Andreas Wosol.
So far this year, Amundi has added new holdings in a large cap staffing company for its Amundi Funds II European Equity Value fund.
‘This area is quite attractive because Europe [as an economy] is growing. The employment situations is improving rapidly, and as a result, employment agencies are having good development,’ Wosol said.
He added that the new holdings is attractive as it buys into the European growth story.
Amundi Funds II European Equity Value fund is available to high-net-worth investors in Asia.
Incepted since 2008, Amundi Funds II European Equity Value fund invests mainly in a broad range of equities of companies that are based in, or do most of their business in Europe.
Wosol, who is the head of multi cap value and senior portfolio manager for European equities and country strategies at Amundi Asset Management, said Amundi’s European value strategies currently have about €2.3 billion ($2.84 billion) in assets.
European equities are seeing growing interest in Asia now, Wosol said, adding that Amundi has recently won an institutional mandate from an insurance company in Korea for its European value strategies.
‘This is our first contact for a long time with an Asian investor,’ he said.
Wosol said there is still a lot of mispriced assets within the European equities space, including the financial sector where there’s been a lot of regulatory changes.
‘I think the whole cyclical space in Europe will benefit from the improvement in the economy and we are not yet fully utilised on,’ he said.
Wosol has been managing the Amundi Funds II European Equity Value fund since its inception in 2008.