Chinesische Aktien zeigten sich im Verlauf des Handelsmonats Oktober stark, da die fortgesetzte konjunkturelle Erholung im “Reich der Mitte” sowie besser als erwartet ausgefallene Unternehmensergebnisse die Stimmung der Anleger verbesserten. Vor diesem Hintergrund legte auch der Fidelity China Consumer Fund A Acc EUR (WKN A1JH3J, ISIN LU0594300252 ) um 3,1 Prozent zu. FondsManager Raymond Ma, der sich in seinem Fonds ganz auf chinesische Konsumtitel spezialisiert hat, informiert FondsInvestoren der Strategie SJB Nachhaltig, was die wichtigsten Marktentwicklungen für seinen China-Fonds bedeuten. In seinen aktuellen Managersichten für Oktober analysiert er Portfoliozusammensetzung und Performance des auf die Binnenkonjunktur im „Reich der Mitte“ fokussierten Fidelity-Produktes.
Market Environment
Chinese equities were boosted by continued strength in its economic recovery as reflected by better than expected corporate earnings and economic data. Beijing’s continued policy support for its capital markets also supported investors’ risk appetite earlier in the month. The initial Public Offering by Ant Group benefited from the unusually buoyant mood among retail investors. On the economic front, exports were broadly in line, while retail sales for September were well above expectations. Fixed asset investment also expanded over the January–September period. The economy continued to recover in the third quarter from the economic turmoil due to the pandemic. In key developments, the country’s State Council issued plans to further improve the quality of listed companies, as part of its efforts to step up supervision and maintain the steady growth of the capital market. Separately, the fifth plenary session of the 19th Communist Party Central Committee discussed plans for China to become a ‘great modern socialist nation’ within 15 years and outlined plans to focus on technological innovation as a major engine of growth. Meanwhile, the Hong Kong market was hurt due to weakness in Macau-based gaming companies. The government announced measures on reviving tourism by creating a travel bubble with Singapore and allowing travel agents to organise small local group tours. Overall, communication services, consumer discretionary and information technology (IT) stocks ended higher. Conversely, real estate and energy declined.
Fund Performance
The fund returned 3.1%, while the index delivered 5.3% in October as selected consumer discretionary and communications holdings, as well as the underweight stance in financial stocks held back gains. Private educational services provider Tal Education Group retreated amid weaker-than-anticipated earnings. The company was dragged down by the lingering impact from the COVID-19 pandemic and intensifying competitive pressures in the online segment amid new funding rounds from other private education companies. Nonetheless, the well-managed company is retained as it is an industry leader with higher efficiency, self-sustained financial backing and solid execution capabilities. Sentiment towards Macau-based gaming company Galaxy Entertainment weakened following a decline in tourists during China’s Golden Week holiday. Its shares were further weighed down by concerns over cash withdrawals in the industry’s VIP junket sector due to increased scrutiny on capital flows by China. Nonetheless, the company benefits from its superior growth outlook in the post-COVID-19 era. Over the long term, its focus on the mass gaming segment, landbank and projects currently under construction hold it in good stead. Meanwhile, the underweight stance in internet-led business Tencent Holdings detracted from relative returns. Its strong gaming pipeline, robust ecosystem for its mini games programme, new game launches and improvement in fintech monetisation bode well for its growth prospects. On a positive note, video surveillance equipment manufacturer Hangzhou Hikvision Digital Technology is benefiting from the digitisation trend among businesses and governments. Its long-term growth prospects remain strong, supported by rising penetration in lower tier cities, product upgrades in major cities and healthy revenue contribution from its innovative business. Focus Media Information Technology, which is China’s largest operator of indoor advertising media, also advanced as ongoing recovery in network utilisation levels, easing competition, cost reduction and efficiency improvements buoyed its profitability. Elsewhere, the underweight allocation to e-commerce giant Alibaba Group Holding added relative value as the stock underperformed amid profit taking following strong recent gains.
Fund Positioning
The manager believes the opportunity to invest in how and what China consumes is significant and continues to impact a broad range of companies beyond traditional consumer sectors. This theme, which is powered by the twin drivers of urbanisation and a rising middle class, offers a long runway of growth. The position in Chinese insurance services provider Ping An Insurance is retained. It is viewed as one of the leading insurers in China, given its core competitive edge against peers due to its superior agent productivity, comprehensive health care ecosystem, leading technology and strong management team. Low penetration, rising income and an aging population support demand for long-term savings and protection insurance products. The conviction holding in Kweichow Moutai was also maintained. It is China’s premium liquor producer with a strong brand name that stands to benefit from a consumption upgrade. Dairy products manufacturer China Mengniu Dairy is favoured for its leading position in high-end ultra-high temperature (UHT) milk and chilled yoghurt. It enjoys solid long-term growth prospects driven by its enhanced execution capabilities, reforms in its distribution channel, focus on premiumisation, product mix upgrades, margin expansion and market share consolidation. Sports goods retailer Li Ning is also retained for its strong brand name and solid execution capabilities. It is also likely to be a beneficiary of structural penetration in the sportwear industry in the longer run.
