China stocks a source of ‘sustainable alpha’, says veteran fund manager

[SINGAPORE] Veteran investor Wong Kok Hoi, founder of APS Asset Management, has weathered more than three decades of investment cycles and crises.

But APS’ enviable performance streak, six years since it pivoted to focus only on China stocks, must be the most gratifying yet for Wong.

The APS All China Alpha Fund has chalked up net returns of 25.7 per cent year to date as at end-July, compared to the MSCI China All Shares Index return of 17 per cent. Elsewhere, the S&P 500 returned 7 per cent and the MSCI All Country World Index 10.2 per cent. Over one year, the fund’s return was a stunning 50.5 per cent.