LONDON - Emerging market fund manager Mark Mobius said on Thursday he remained overweight in Turkish stocks, despite recent political turbulence.
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"We are very overweight Turkey, we are quite sanguine about everything there," Mobius, president of Templeton Emerging Markets, with $34 billion under management, told Reuters.
"Despite the political upheavals, there is a lot of value there, we do not want to retreat."
Turkish stocks fell around 4 percent earlier this week on a political crisis that has pitted the Islamist-rooted government against the secular establishment.
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"We were buying Turkey last year when the market went down by 20 percent — this correction is not really significant," Mobius said.
Elsewhere in emerging markets, Mobius said he also favoured South African and Brazilian stocks.
"We are pretty overweight in South Africa, the exciting thing is not so much mining, but the story there is retail.
We like Brazil, the valuations are very attractive."
Brazilian stocks hit an all-time closing high last week, and South African stocks also hit record highs last month.
In Asia, Mobius found fewer sectors to buy.
"The Asian market is overdone, but the Chinese H shares (Hong Kong-listed shares in Chinese companies) and red chips (foreign-registered Chinese companies) still look reasonable. We continue to hold those."
Mobius also said Asian oil and telecoms companies looked attractive, and said there were "bits and pieces in other sectors".
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