Top Philippine fund keeps cash on China volatility
Manila
THE Philippines' top fund manager is staying with cash as the cheapest shares in three years aren't attractive enough to ease his anxiety over China's economy and stock-market rout.
Smith Chua, who manages four out of the five best-performing Philippine equity funds over the past two years as chief investment officer at Bank of the Philippine Islands (BPI), said that his cash holding is the same as August and September when it doubled from the start of 2015 as the volatile environment in China makes it difficult for him to invest.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
China’s Bank of Communications Q1 profit rises 1.44%
Huawei’s smart car tech offers automakers route to China sales
Electrolux Q1 loss nearly triples on weak demand but beats expectations
DigitalBridge-backed Vantage said to weigh Hong Kong data centres sale
Vietnam delays launch of new stock trading system
Tesla’s plan for affordable cars takes page from Detroit rivals