A lack of clarity on tax, foreign exchange and central bank policy are deterring Baillie Gifford’s Richard Sneller from buying mainland Chinese equities, even though he views the market as a strong opportunity.
The fund manager has roughly 17 per cent of his portfolio in Chinese stocks, but this is entirely via Hong Kong-listed “H” shares, rather than the Shanghai-listed “A” share variety.
He has co-managed the Emerging Markets Growth fund for more than a decade, in which time the fund has returned 235 per cent versus benchmark returns of 183 per cent, according to FE Analytics, the data provider.
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