Fidelity New Markets Income Fund Likes Indonesian Debt


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John Carlson, manager of $5.2 billion Fidelity New Markets Income Fund , said he likes sovereign bonds from emerging markets with sound monetary practices.

He was speaking at the 24th annual Morningstar Investment Conference, held in Chicago on Wednesday through Friday.

"In Asia, I like Indonesia and the Philippines, both for valuation and growth reasons," Carlson said. "I'm keen on Eastern European countries like Hungary, Lithuania and Croatia. I also like Brazil and Mexico."

He cited Brazil's low leverage and diverse economy. He cited Mexico's proximity to and trade with the U.S.

And he likes Venezuela, whose oil income assures its ability to service its debt even in the worst-case oil-price scenario.

Among corporate bonds, he likes Brazil'sPetrobras (PBRA), Colombia'sEcopetrol ( EC ) and Russia'sLukoil ( LUKOY ).

This year, 1,850 attendees were signed up for the Morningstar meeting, including 1,000 financial advisers. That tops last year's 1,783 total, with 900 advisers. This year's total sets an all-time record, Joe Mansueto, Morningstar chairman and CEO, said in remarks that opened the confab.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing ETFs
Referenced Stocks: EC , LUKOY

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