BUZZ-View from the buyside: AllianzGI still likes Europe's staples

** Reckitt Benckiser (Xetra: A0M1W6 - news) (RB), Unilever & Diageo seen as solid bets by PM of Allianz Global Investors' European Equity Growth Select fund, even as consumer staples' rich valuations keeping other funds at bay

** The three trade on more than 20x next year's forecast earnings funds hunting for yields will continue to offer support

** Marcus Morris-Eyton, who helps run the fund, says equity prices still have a long way to go before reflecting the moves in fixed income markets where yields have collapsed

** Fund's biggest position is in RB (a long-term holding), which is looking to mirror success seen in much of core Europe & the US into some of EM. Morris-Eyton says co's working capital almost best in class

** Fund 7th-top shareholder in RB with 0.5 pct, TR data shows

** Took advantage of H2 2013 pull-back in defensive stocks for entry point into Unilever; says co's to sell its food businesses to focus on higher-growth Home & Personal Care, is working

** Bought into Diageo (LSE: DGE.L - news) early 2014; distiller plagued over past yr by issues in key emerging markets, but it improved performance over H1 & expects to keep momentum

** Morgan Stanley (Xetra: 885836 - news) just initiated Diageo at "overweight" partly on large US exposure & strong opportunity in India (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)