![\"EXCLUSIVE:](\"https:\/\/www.newsbeep.com\/uk\/wp-content\/uploads\/2026\/05\/Financechartgraphic.jpg\"\/)
<\/p>\n<\/p>\n
Matthew Spencer, head of UK retail at Orbis Investments, discusses why there is value in the UK, Taiwan and South Korean markets. He also reviews some of the firm\u2019s funds, and outlines his top stock picks.\t \t \t \t \t <\/p>\n
\n \u201cWe find a lot of investment opportunities on the UK market.
\n Firms are cheap and undervalued due to the negative sentiment,\u201d
\n Matthew Spencer, head of UK retail at Orbis Investments<\/a>,
\n told this new service in an interview.
\n<\/p>\n
\n \u201cWe have increased our exposure to the UK market recently. We
\n added to Experian, a UK-headquartered data and tech company,\u201d
\n Spencer said. \u201cAnother area is\u00a0construction with investments
\n in Balfour Beatty, the UK\u2019s largest construction and
\n infrastructure provider. We are still invested in Rolls Royce. We
\n have been invested in defence like BAE Systems but trimmed that
\n recently.\u201d
\n<\/p>\n
\n \u201cWe have added to oil names like UK-listed energy firm Shell and
\n Serica Energy. We are supportive of the move towards green energy
\n but firms are still expensive and fossil fuels are still needed.
\n We think natural gas is a good transition, and Shell has clearly
\n tapped into that,\u201d Spencer continued.
\n<\/p>\n
\n However, he emphasised opportunities in the energy transition,
\n notably in upgrading the infrastructure. He drew attention to the
\n role of cables, for instance, with 90 per cent of cable
\n manufacturers located in Europe. He invests in the cable
\n manufacturer the Prysmian Group.
\n<\/p>\n
\n Spencer is overweight in the UK, Taiwan and South Korean markets,
\n and very underweight in the US as it is expensive, although some
\n of the funds have heavy exposure there. He is invested in US tech
\n firm QXO, for instance, which\u00a0primarily deals with the
\n manufacturing, distribution and service sectors.
\n<\/p>\n
\n He also sees opportunities in biotech and healthcare, an area of
\n neglected opportunity, and is invested in Danish biotech firm
\n Genmab which develops antibody-based products for the treatment
\n of cancer and other diseases. \u201cWe have moved away from the US
\n towards the UK and emerging markets,\u201d Spencer said. He has little
\n exposure to Europe.
\n<\/p>\n
\n In line with a number of wealth managers, he likes tech firms in
\n South Korea and Taiwan. Korea is big on semiconductors, he said,
\n and he has investments in South Korean-based Samsung Electronics.
\n It is\u00a0the largest global producer of DRAM chips which has
\n benefited from the price increase of DRAM and NAND flash memory
\n chips \u2013 driven by demand for generative AI. He is also invested
\n in South Korean chip maker SK Hynix and Taiwan Semiconductor
\n Manufacturing Company (TSMC). \u201cWe also like Brazil and have
\n invested in a few firms there. We like Chinese tech multinational
\n Tencent too. We are massively underweight in India,\u201d Spencer
\n said. \u201cOur emerging market fund has done very well, outperforming
\n the index over a five-year period,\u201d he added.
\n<\/p>\n
\n Orbis SICAV Emerging Markets Equity Fund
\n The fund is actively managed and seeks higher returns than the
\n average of the equity markets of the world\u2019s emerging market
\n countries, without greater risk of loss. Currency exposure is
\n managed relative to that of the MSCI Emerging Markets Index.
\n Reporting for the class is in UK sterling and the reporting
\n benchmark is the MSCI Emerging Markets Index, including income,
\n net of withholding taxes translated into UK pounds. The firm uses
\n a contrarian approach to buying good firms that are out of favour
\n<\/p>\n
\n Top five\u00a0holdings include Asia-focused investment company
\n Jardine Matheson Holdings, Taiwan Semiconductor Manufacturing
\n Company, Wise Financials, Kiwoom Securities Financials and
\n Chinese internet tech giant NetEase. Top countries include
\n China\/Hong Kong, Korea and Taiwan.
\n<\/p>\n
\n Despite the conflict\u00a0in the Middle East, a number of wealth
\n managers have been increasing their exposure to emerging markets,
\n which have been outperforming developed countries. For example,
\n Edmund Shing at\u00a0BNP
\n Paribas Wealth Management<\/a>\u00a0argues the case
\n for\u00a0emerging
\n markets<\/a>.
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