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Dedicato ai professionisti dell’investimento, questo sito fornisce informazioni sui nostri prodotti, strategie e servizi. Si ricorda che il capitale è esposto a rischi e che i risultati precedenti non costituiscono un’indicazione di quelli futuri. Utilizziamo i cookies per accertarci di fornirvi la migliore esperienza possibile sul nostro sito web. I cookies comprendono anche i cookies di parti terze. I cookies di parti terze potrebbero monitorare l’uso che fate del nostro sito web. Continuando, confermate di voler ricevere tutti i cookies associati al nostro sito web. Per maggiori informazioni, comprese le istruzioni per disabilitare la ricezione dei cookies, si rimanda alla nostra Politica sui cookies.

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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.



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. No longer a copycat

    China’s increased innovation has the potential to foster more globally competitive companies and drive the economy

    Patent applications

    Source: WIPO statistics database, December 2018.

    2. Attractive valuations

    Valuations appear cheap versus developed markets.

    12 month forward P/E

    Source: Bloomberg, Investec Asset Management, 19.02.19.

    3. Investors can no longer ignore this asset class

    The inclusion of 20% of China A-shares in MSCI EM index by November 2019 should increase weight to 3%, leading to an estimated US$ 60-100 billion of additional inflows. When A-share inclusion factor reaches 100%, China-A could represent 14.6% of MSCI EM, whilst Aggregate China could represent 41.5%

    Source: FactSet, MSCI, Goldman Sachs Global Investment Research.

  • Why take an all-China approach?

    Why take an all-China approach?

    1. A holistic approach to fully accessthe real China market

    A holistic approach which includes China A-shares, B-shares, H-shares and ADR for the broadest opportunity set andmaximises exposure to best ideas.

    A holistic approach for investing in China

    2. Offers a better representation of the Chinese economy

    An all-China approach provides a better balance from a sector perspective. The MSCI China Index is heavily skewed towards Consumer Discretionary, Financials and Communication Services, whilst the MSCI 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, 28.02.19.

    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, 19.02.19. 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.

    Greg Kuhnert

    Greg Kuhnert

    Co-Portfolio Manager

    Wenchang Ma

    Wenchang Ma

    Co-Portfolio Manager


    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$5.9bn and managed total assets of US$54.5bn as at December 2018
    • 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.

    Why the 4Factor process works when investing in China


    Specific risks

    Geographic / Sector: Investments may be primarily concentrated in specific countries, geographical regions and/or industry sectors. This may mean that the resulting value may decrease whilst portfolios more broadly invested might grow. Currency exchange: Changes in the relative values of different currencies may adversely affect the value of investments and any related income. 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. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss. Emerging market (inc. China): These markets carry a higher risk of financial loss than more developed markets as they may have less developed legal, political, economic or other systems. 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. insolvency), the owners of their equity rank last in terms of any financial payment from that company. Concentrated portfolio: The portfolio invests in a relatively small number of individual holdings. This may mean wider fluctuations in value than more broadly invested portfolios.