Global Stock Fund Exits From China, Showing Bargains Are Hard to Find
Pedestrians walk past an electronic display showing the Hang Seng Index figure in Hong Kong, China.
Photographer: Jerome Favre/BloombergThis article is for subscribers only.
Years investing in China’s stock market have taught Garry Laurence that extreme volatility creates opportunities. Lately, he says, they’ve all been opportunities to sell.
The Sydney-based money manager, who helps oversee about $25 billion at Perpetual Ltd., has been unloading all the yuan-denominated A shares in his global equity fund over the past two months. He says Chinese stocks are more attractive in New York and in Hong Kong, where the average dual-listed company trades at half its price on the mainland.