https://secure.fundsupermart.com/main/artic...Reckoning-11117

Where are you positioned for next year?
....Malaysia, there’s been such a valuation adjustment that we’ve gone from an 11% underweight to the respective indices – in effect, having zero exposure earlier in the year – to about a 3% underweight today. We should be probably neutral by the end of this year. The market’s still cheap and if there are more Fed-induced wobbles we might even end up overweight.
What’s the case for Asian equities?
JT: Valuations always matter and the advantage of markets today is that, based on a forward price-to-earnings ratio, Asia is trading at a roughly 20% to 25% discount to global equities, that’s around 13 times earnings versus 17 times for the world index. On a trailing price-to-book basis, local markets are trading well below their 10-year average. So a compelling story in aggregate and the reason we’re quite excited. Obviously individual markets and sectors vary, some are more expensive than others, and it’s fair to say that India as a market is still a relatively expensive one, certainly in contrast to Singapore. The Philippines would be another. So you have to be selective, and that’s where our stockpicking approach comes in. We’ve been adding to stocks in China and Indonesia this year thanks to increased volatility.