Europe's market rally may not go on: fund manager

[SINGAPORE] The easy money in Europe has already been made and, going forward, the market rally might not be sustained, said a top-rated fund manager managing 4.2 billion euros (S$7.1 billion).

Rather, Thorsten Winkelmann has put his money in selected stocks, including German software firm SAP, London-listed consumer goods giant Reckitt Benckiser - which owns disinfectant Dettol and condom brand Durex among others - and Swiss luxury goods firm Richemont, which owns brands like Vacheron Constatin, Cartier and Shanghai Tang.

Mr Winkelmann, the portfolio manager of the Allianz Europe Equity Growth Fund, said: "A year ago, the European stock market (MSCI Europe) was trading at nine times 12-month forward earnings. Now we're trading at 14 times.