Top China fund manager putting half of his cash pile back in stocks
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AT the end of 2015, a top China fund manager was so worried about the outlook for stocks that he held as much cash as he possibly could. Now, he's loading up on equities.
Qiu Dongrong is buying shares in pharmaceutical, chemical and construction material firms, he said last week. The fund manager at HSBC Jintrust Fund Management Co has whittled down cash to about 7 per cent of assets from 15 per cent on Dec 31, and says his main strategy is to pick up stocks trading at low valuations. His US$323 million large-cap fund has beaten 94 per cent of peers over the past three years.
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