Philippine investors are shifting into small, lesser-known names in a stock market that ranked as the world’s worst performer last month. Demand has waned for the 30 component shares of the Philippine Stock Exchange Index, which includes giants like SM Investments Corp and Ayala Land Inc, amid an uncertain economic recovery, the ongoing pandemic and a flight of foreign funds. The PSEi tumbled 7.4% in January, the worst performance among global equity benchmarks. The slump in large caps pushed investors to take a chance on riskier small caps, said Fitz Aclan, who helps manage about $520mn as chief investment officer at United Coconut Planters Bank. “The market is very liquid now, and with in
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