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$49 Billion Fund Loads Up on Chinese Shares

  • UniSuper mandated BlackRock this week to buy China A-shares
  • PBOC signals no change in policy, says UniSuper CIO Pearce
Bloomberg business news
A fund managing pensions for some of Australia’s smartest is buying Chinese stocks. Bloomberg’s Ruth Carson reports.(Source: Bloomberg)
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A bear market, the yuan’s worst month since 1994, and a looming U.S.-China trade war all suggest one thing to John Pearce. Buy Chinese equities.

The selloff in the Shanghai Composite Index, down more than 20 percent from its January high, is overdone, and investors have read too much into the yuan’s depreciation, said the chief investment officer of UniSuper Management Pty, which controls A$67 billion ($50 billion) of assets primarily for Australia’s higher education and research sector.