EDINBURGH (Reuters) - Stock markets are “at or near lows” providing a good buying opportunity for bold investors prepared to ignore prevailing sentiment, Anthony Bolton of Fidelity International, said.
“I want to bet against the negativity when it’s this pervasive,” Bolton said in his opening address to the National Association of Pension Funds Investment Conference on Wednesday.
“The worst thing you can do in the current environment is to lose your nerve and sell out.”
Bolton, who is viewed as one of Britain’s top fund managers, said the best place to invest at the moment are in the undervalued and underowned sectors such as media, financials, and technology.
Bolton stepped down from day-to-day portfolio management last year but still mentors Fidelity managers.
He said property in particular currently looks attractive and some of the recent rights issues by property companies would have provided attractive entry points.
Bolton said he also sees short term recovery potential in mining stocks which were among the most overvalued in the previous bull market but have corrected sharply in the crisis.
He said he expects the next quarter will prove key in the recovery as good news starts to emerge in the economy.