Top fund manager balances portfolio with gold and emerging markets amid high valuations
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Five-star fund manager Matthew McLennan sees high valuations and worries markets are ignoring poor U.S. fiscal situation, so he's balancing portfolio with gold, cheap staples stocks, and emerging markets.
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McLennan sees artificial intelligence benefiting a range of stocks like Meta, Oracle, and Fanuc at reasonable valuations, not just high-flying tech.
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He highlights cheap Latin America beer giant AmBev with strong brands, growth, no debt and nice dividend.
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Another pick is Prosus, which owns chunk of leading but unloved Chinese internet company Tencent at just 10x earnings.
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McLennan says "essential infrastructure" energy giant ExxonMobil can weather downturns and diversify long-term portfolios with its upstream assets.