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Despite a crisis financial in Europe which is dragging stock less day after day, European stocks are enthusiastic buyers among a group unlikely: American fund managers.
This is the clear impression of the Morningstar Investment Conference, an annual meeting in Chicago of 1,350 financial advisers, fund managers and other benefits to invest.
June 24, the second day of the Conference for three days, the Dax index, a measure of the German Stock Exchange fell to 1.4% and Euro Stoxx 50 index covering 50 stocks from everywhere in Europe, fell by 2.2%, closer to its loss for the year to date a 10.8% negative.
But also on 24 June, fund managers worldwide stock have been extolling the virtues of European actions in the group discussions.
The common theme of these investors: problems in Europe are serious, but the stock market has reacted and many European stocks sell at amazing discounts.
"What is happening in Europe is a major concern," said Franklin Mutual series Portfolio Manager Philippe Brugere-Trelat, and is the main reason of stock markets in Europe are less expensive.?
But, he said at a round table on "sample stock anywhere in the world": many companies headquartered in Europe are "European any" in the sense that a large portion of their sales and earnings come from outside of the continent.
Moreover, the weaker euro gives a big advantage to European companies sales outside Europe. ""Euro 1,20 $ is a very large icing on the cake in terms of revenues and sales", said Brugere Trelat.The euro, on 24 June rated $1.23, 13.9% since the beginning of 2010.
Another table round, artisan partners Portfolio Manager Mark Yockey admitted it has relatively high exposure to European stocks - especially for financial matters that may be more vulnerable to the debt problems.
However, he said, many European banks are like operations, ING is one of three leading banks in one oligopoly which gives ING Netherlands and other similarly situated further strength and power of the tenacity of the banks. ""We believe once things settle down they will increase their earnings", he said.
Another speaker and Manager of foreigners on the same panel, Manager portfolio Janus Capital Management Brent Lynn, said he has a relatively weak in Europe exhibition but is ready to start buying stocks.
"We have more persuasive assessments in Europe that I have seen in a number of years," said it .the sovereign debt problems make "concerned... but intrigued by the prospect to buy high-quality companies" at cheap prices.
Agreements are so good that Lynn stated that it planned to purchase nationally based banks Italy and Spain, two European Nations are more objective endettées.Ses "franchises that we believe will be survivors."
If investors are convinced that Europe stock slide was too far, this could be the ideal time for acheter.étendre this logic, continuous slide market means that European stocks could be an even better deal in the future.
Referring to this, Yockey won an audience laugh when he said: "' opportunities are better and better every day."

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