China Fund Slashes ADR Exposure, Boosts Holdings of A-SharesBy
Noah’s Gopher China equity fund cuts exposure to ADRs
Fund also adds tactical traders in preparation for volatility
Start your day with what’s moving markets in Asia. Sign up here to receive our newsletter.
Noah Holdings Ltd., which manages the best-performing emerging markets fund of hedge funds, has cut China-related American depository receipts by about one-third this year after shares surged, while adding to yuan-denominated shares listed on the mainland.
The $73 million Gopher China Equity Selection Fund cut ADRs after a rally led by a few large stocks, William Ma, co-chief investment officer of the Chinese wealth manager’s Hong Kong unit, said in an interview. Since the second-quarter, the fund has been boosting investments in so-called A-shares, which are comparatively cheap and have higher expected profit growth than U.S.-listed counterparts, said Ma…
Leave a Reply
You must be logged in to post a comment.