Opinions
Christine Tan
Deutsche X-trackers Harvest CSI 300 China A-Shares
ASHR-N
COMMENT
Sep 30, 2016
$24.650
Stock price when the opinion was issued
E.T.F.'s
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(A Top Pick Sept 20/16. Up 19%.) In the last 5 years, China has been everybody’s favourite whipping boy. His view has been completely different. 40% of the holdings are Chinese banks. China is making some good progress towards economic rebalancing. The rise of the Asian consumer is the biggest macro story of the next decade. He just sold this today as it had become very overbought.
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(A Top Pick Sep 06/18, Up 17%) Everybody's favourite whipping boy in 2018 was China during the trade war, but he expects a long, secular bull market in China going forward. Good valuations; China's bank earnings are 6x only. China is a complicated market though, because of sprawling securities around the world, but ASHR covers mainland Chinese stocks and heavily weights the banks.
E.T.F.'s
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It is the largest 300 companies trading on mainland China. He thinks the trade wars are a trading opportunity. China is now reflating. They will start to change into an earnings-driven theme instead of a policy-driven theme. It is a long journey from an export-driven market to a consumer-driven market.
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(A Top Pick May 13/19, Up 15%) This was recommended during the height of the China-US trade war, which was crazy to suggest at the time. August was the best time to buy this. In China, no one is under any illusion that growth is slowing. Maybe, the Chinese feel, are getting accustomed to Trump.
E.T.F.'s
COMMENT
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This tracks the A shares in China which is the onshore market. There is also a B shares, but much smaller. There is also the H share market which are Hong Kong listed stocks. What she likes about some of the onshore market in China is that there are certain sectors that are not well represented outside. Because it is predominantly a retail market in China, the volatility is typically higher than the Hong Kong side.