The latest easing of coronavirus travel rules combined with other encouraging policy signals have began luring some foreign investors back to Chinese stocks, raising the chances that the market can sustain its bounce after months of heavy selling.
J.P. Morgan analysts last Friday advised clients to add to positions in China directly, a shift from earlier advice to keep indirect exposure via commodities or other markets.The market rebound is also helping improve the performance of regional funds that stayed invested last year and through March, when Western sanctions on Russia stoked fears China could also become a target.
Anatole Investment Management Ltd, a Hong Kong-based firm managing around $1.9 billion with its flagship fund, saw monthly returns turn positive for May and extend in June after a 22% drop in the first four months, people familiar with its performance said. They requested anonymity because they are not authorised to speak publicly.
Aspex Management, which manages around $7 billion, reported positive returns in April and May, according to documents seen by Reuters, trimming losses for the first five months of the year to 14.4%. Aspex did not respond to queries.There are still reasons to be cautious and June's $11 billion in equity inflows are modest against a tide that saw roughly $50 billion in outflows from stocks and bonds over the first quarter, according to the Institute of International Finance.
The 20 biggest open-ended and exchange-traded funds traded in Hong Kong with Greater China equities strategy all reported positive returns last month and 17 of them grew their assets in May, according to Morningstar data.
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