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General risks: The value of investments, and any income generated from them, can fall as well as rise. Where charges are taken from capital, this may constrain future growth. Past performance is not a reliable indicator of future results. If any currency differs from the investor's home currency, returns may increase or decrease as a result of currency fluctuations. Investment objectives and performance targets may not necessarily be achieved, losses may be made.

Advisor

Funds

Read more about our equity and bond funds focused on the growth opportunity in China

All China Equity

  • Why invest in China?

    Why invest in China?

    1. Superior earnings growth

    Superior earnings growth with the potential to continue over the next three years.

    EPS growth China vs. others

    Source: IBES, Morgan Stanley, 31.07.17. *CAGR = compound annual growth rate to December 2016.

    2. Attractive valuations

    Valuations appear cheap relative to history.

    12 month forward P/E

    Source: Bloomberg, Investec Asset Management, 15.11.17.

    3. Global investors are underweight China

    From June 2018, MSCI will include 222 large-cap mainland shares, A-shares, in the MSCI Emerging Market and MSCI All-Country World Indices. This should lead to increased foreign ownership.

  • Why take an all-China approach?

    Why take an all-China approach?

    1. Provides a wider investment universe and range of opportunities

    There are 149 and 1,029 stocks in the MSCI China and MSCI All China indices respectively. Our potential universe is even bigger: there are 3,316 A-shares and 100 B-shares in China.

    Stocks within Chinese indices

    Source: Bloomberg, Investec Asset Management, 31.10.17.

    2. Offers a better representation of the Chinese economy

    An all-China approach provides a better balance from a sector perspective. The China Index is heavily skewed towards IT and Financials, whilst the All China Index has broader sector exposure and is more representative of the domestic economy.

    Sector exposure of MSCI All China and China indices

    Source: Bloomberg, CICC Research, 31.10.17

    3. Offers opportunities to benefit from pricing anomalies

    Despite the introduction of Stock Connect and other initiatives to increase efficiency, the premium between H-shares and A-shares remains at about 20%-45%. This creates arbitrage opportunities.

    A/H dual listing premia

    Source: Bloomberg, 15.11.17. This is not a buy, sell or hold recommendation for any particular security.

  • All China Equity

    Investec GSF All China Equity Fund

    Download the All China Equity Spotlight

    Read the Citywire Source article

    Investment objective:

    The Fund aims to provide long-term capital growth primarily through investment in equities or equity-related securities issued by Chinese companies listed anywhere in the world.


    Why invest in all-China equity?

    • Opportunity to invest in a dynamic and growing economy, undergoing structural change at very attractive valuations
    • Investing in both onshore and offshore Chinese equities doubles the investment universe and maximises the potential of finding interesting investment opportunities
    • The All China market is a better representation of the Chinese economy, providing access to unappreciated quality blue chips in the industrial, consumer and healthcare sectors.
    • Looking through shorter-term volatility, we believe the China A-share market offers attractive longer-term potential

    Why 4Factor™ for Chinese equities?

    • Specialist China team based in London and in Hong Kong
    • Strong track record of picking stocks in China over the past decade
    • We follow a strong, disciplined and tested investment philosophy
    • We have grown our Chinese equities under management to US$6.8bn and managed total assets of US$59.0bn as at 31 December 2017
    • Our global perspective enhances analysis of Chinese stocks

    Fund highlights

    • Investment universe: Chinese companies listed anywhere in the world, inclusion of A shares doubles the universe size
    • Minimum market cap: US$500m, daily liquidity US$2m, minimum coverage by two analysts
    • Portfolio construction: maximum 60 stocks
    • Performance target*: 3-5% per annum above MSCI All China Index

    *Performance target will not necessarily be achieved, losses may be made.
    The above guidelines are internal and subject to change without prior notice.

    Greg Kuhnert

    Greg Kuhnert

    Portfolio Manager

    Wenchang Ma

    Wenchang Ma

    Assistant Portfolio Manager

     

    Video: All China Equity Fund Webinar



    Video: Citywire Source All China Equity Fund

    Specific risks

    Geographic / Sector: Investments may be primarily concentrated in specific countries, geographical regions and/or industry sectors. This may mean the value of the Fund may decrease whilst more broadly invested funds might grow.

    Currency exchange: Changes in the relative values of different currencies may adversely affect the value of the Fund’s investments and any related income.

    Developing market: Some of the countries in which the Fund invests may have less developed legal, political, economic and/or other systems. These markets carry a higher risk of financial loss than those in countries generally regarded as being more developed.

    Investing in China: Investment in mainland China may involve a higher risk of financial loss when compared with countries generally regarded as being more developed.

    Derivatives: The use of derivatives is not intended to increase the overall level of risk. However, the use of derivatives may still lead to large changes in value and includes the potential for large financial loss.

    Equity investment: The value of equities (e.g. shares) and equity-related investments may vary according to company profits and future prospects as well as more general market factors. In the event of a company default (e.g. bankruptcy), the owners of their equity rank last in terms of any financial payment from that company.