Money Manager Who Sold China Stocks in June Is Buying Again
- Hermes added New York-traded Chinese Internet shares
- Air-conditioner maker, liquor producer among Hermes picks
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A money manager who sold part of his Chinese equity portfolio just before a $5 trillion meltdown this year has returned to the market, buying shares of technology and services companies.
Gary Greenberg, who manages $1.7 billion of emerging-market stocks at Hermes Investment Management, bought New York-traded e-commerce company Alibaba Group Holding Ltd. and Baidu Inc., operator of an Internet search engine, “in the past couple of months." Speaking at an interview in London, the money manager said he also favors Kweichow Moutai Co., which makes a premium liquor brand, and insurer AIA Group. Greenberg’s losses in 2015 were smaller than 61 percent of peers for the larger of his two funds.