Die chinesischen Aktienmärkte konnten im November zulegen, da es Optimismus über die Verhandlungen im US-chinesischen Handelsstreit sowie bezüglich wirtschaftspolitischer Stimuli der Regierung in China gab. Jing Ning, FondsManagerin des Fidelity China Focus Fund A Acc EUR (WKN A0M94A, ISIN LU0318931192), analysiert in ihrem aktuellen Marktbericht die Portfoliostruktur und Performance des auf günstig bewertete Unternehmen aus dem “Reich der Mitte” fokussierten FondsProduktes. In ihren Managersichten erhalten SJB Investoren die neuesten Informationen über den in der FondsStrategie SJB Substanz enthaltenen Fidelity-Aktienfonds.
Market Environment
Chinese equities advanced in November, aided by optimism over US-China trade negotiations and the government’s policy stimulus support. However, the US government passed a bill to support pro-democracy protestors in Hong Kong, which rekindled concerns over progress in trade talks towards the end of the month. On the monetary policy front, China’s central bank cut the interest rate on its one-year medium-term lending facility, followed by a reduction in the sevenday reverse repurchase rate and the new benchmark one-year loan prime rate. Additionally, in an attempt to boost the flagging economy, China broughtforward its local government special bonds quota for 2020 worth 1 trillion-yuan. On the economic front, China’s retail sales and new bank lending were slowerthan expected in October. Fixed asset investment growth was also weaker than market estimates for the January–October period. Encouragingly, exports andimports beat expectations in October. At the sector level, consumer discretionary and materials stocks led gains. Solid results boosted investor sentimentthe former. Meanwhile, higher cement prices and improving margins in the steel industry lifted material stocks. Conversely, health care and utilities were among the key laggards. A slowdown in gas sales growth weighed on the utilities sector.
Fund Performance
The fund delivered positive returns and outperformed the index in November. Security selection in consumer staples proved rewarding, as selected positions benefited from prospects of privatisation at premium valuations. China Agri-Industries, which is engaged in the production of processed agricultural goods, advanced after its parent company proposed to take China Agri-Industries private at a premium to its closing price. Shares in supermarket and department store operator Springland International rallied on the announcement of its privatisation plan. Cement producer Anhui Conch Cement edged higher, supported by strong sale volumes. The conviction holding in property developer China Overseas Land & Investment advanced, driven by solid growth in contracted sales and a ramp-up in its rental portfolio. Conversely, an underweight stance in internet-led company Alibaba Group hurt relative returns. Robust growth in its customer base and solid performance of its core e-commerce segment bolstered investor confidence. Its listing in Hong Kong and the attention drawn by its singles’ day shopping event also buoyed the stock price.
Fund Positioning
The manager has a value and contrarian style that is reflected in the fund’s positioning. Her bottom-up approach focuses on determining the intrinsic value of a company rather than pursuing themes. As an aggregate of the manager’s security selection process, the fund remains notably overweight in the energy, financials and materials sectors. Among key overweight holdings, China Life Insurance is a beneficiary of long-term structural growth in the Chinese insurance industry. Its new management is focussed on bolstering growth through a favourable product mix and higher agency productivity. Exploration and production company CNOOC is another key position in the portfolio. The company’s cost control and robust production growth supports its long-term outlook. The manager retained exposure to state-owned banks, China Construction Bank and Industrial & Commercial Bank of China. The former has a solid balance sheet, good asset quality and benefits from steady earnings growth.
