The so-called "Magnificent Seven" were among the hottest stocks last year, but one wealth manager says they are "wildly overvalued" and has his sights elsewhere. "There is a possibility that the Magnificent Seven will continue to grow and generate positive returns for investors in the next decade, but I don't think that's the case with all the companies," Tariq Dennison, co-founder and investment advisor at GFM Asset Management, told CNBC Pro on July 19.
" One way he is playing the market is through Hong Kong-listed stocks, which he says, are "trading at very cheap valuations." "Hong Kong is a shoppers' paradise and there are several good names there," he said, naming jewelry chain Chow Tai Fook , public transport operator and property developer MTR Corp and tech giant Tencent as his "three top holdings" there.